| For immediate release |
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The Board of Governors of the Federal Reserve System today announced the formation of the Payments System Development Committee. It will advise the Board and System officials on medium- and long-term public policy issues surrounding developments in the retail payments system. This Committee will follow up on the work of the Committee on the Federal Reserve in the Payments Mechanism, which was chaired by Board Vice Chair Alice Rivlin.
Governor Roger W. Ferguson Jr. and President Cathy E. Minehan of the Federal Reserve Bank of Boston will co-chair the Committee. The other members of the Committee will be Governor Edward W. Kelley Jr. and First Vice President Jamie B. Stewart Jr. of the Federal Reserve Bank of New York. The Committee also will work with officials throughout the Federal Reserve System, particularly the System's Retail Product Office located at the Federal Reserve Bank of Atlanta. The Committee will focus on key issues involving the future development of payment systems that facilitate consumer, government and low-value corporate transactions. It will serve as a forum for the analysis of technological and market trends, provide a mechanism for consulting with payments system providers and users, and advise the Board and System officials on the need for action by the Federal Reserve System on payment system topics. This Committee will play an active role, working collaboratively with the private sector, to identify strategies to enhance the long-term efficiency of check and automated clearinghouse services and to move to the next generation of payment systems. |