Move On FedNow Before It's Too Late, FTC Commish Says
Law360 (November 8, 2019, 9:19 PM EST) -- The Federal Trade Commission's Rohit Chopra on Thursday urged the Federal Reserve Board to speed up the launch of the FedNow real-time payments service, highlighting the importance of the public sector retaining control of the nation’s payments infrastructure.
Chopra told the Federal Reserve Board of Governors in a Thursday letter that standing by while Wall Street and Silicon Valley take control of modern real-time payments infrastructure could have grave consequences for the future of the domestic payments system. Ceding control to “a private megabank monopoly” of the payments system “would suppress innovation and distort incentives in our markets,” he wrote.
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