|For immediate release|
A Federal Reserve System committee today outlined a series of cooperative steps the Federal Reserve and the private sector can take to remove barriers to the development of electronic check presentment in the United States.
The steps were identified at a workshop conducted by the Payments System Development Committee on June 29 at the Federal Reserve Bank of Boston. The actions, described in a short paper distributed this month to workshop participants, include:
The co-chairs of the committee, Board Vice Chairman Roger W. Ferguson, Jr., and Federal Reserve Bank of Boston President Cathy E. Minehan, emphasized that the initiatives described in the paper were cooperative steps the Federal Reserve can take with the private sector. Some of the ideas will be refined further as the initiatives proceed, they said.
The formation of the committee was announced in July 1999. The other members are Governor Edward W. Kelley, Jr., of the Federal Reserve Board and First Vice President Jamie B. Stewart Jr. of the Federal Reserve Bank of New York. First Vice President Patrick K. Barron of the Federal Reserve Bank of Atlanta is a liaison to the committee from the System's Retail Payments Office.
The committee's paper is attached.
2000 Other announcements