The Federal Reserve and retail payments: a historical review

Ashish Lall

Journal of Financial Regulation and Compliance, 2018, vol. 26, issue 1, 58-71

Abstract: Purpose - The purpose of this paper is to provide a comprehensive historical review of the role of the Federal Reserve in retail payments in the USA. Design/methodology/approach - It reviews the literature on the role of the Federal Reserve and assessments of its involvement. Findings - In addition to its oversight and operational role, the Federal Reserve has conducted R&D and facilitated technology adoption. It has provided effective competition to the private sector without subsidies. Research limitations/implications - The Federal Reserve has served the public interest and private networks have benefited from the “visible hand” of government. Practical implications - Migration to electronic payments will likely change its role from an operator to setting standards for safety and security. Originality/value - The historical review provides context against which the future strategy of the Federal Reserve may be assessed.

Keywords: Federal Reserve; Par-clearing controversy; Payments oversight; Retail payments; Rivlin report (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.110 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrcpp:jfrc-09-2016-0077

DOI: 10.1108/JFRC-09-2016-0077

Access Statistics for this article

Journal of Financial Regulation and Compliance is currently edited by Prof John Ashton

More articles in Journal of Financial Regulation and Compliance from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().