Congressman Denver Riggleman Introduces Faster Payments Legislation to Increase Transparency With in the Federal Reserve
Today, Congressman Denver Riggleman (R-VA) introduced the Federal Reserve Accountability and Justification Act.
The bill, H.R. 3928, requires the Federal Reserve to meet transparency requirements before providing any new, or substantially changing or expanding, any existing payment service. Additionally, their own policy statement requires the Fed to demonstrate that no other providers, such as the private sector, can provide these services.
“American consumers need a robust faster payments system and the private sector has delivered that through RTP, a system that meets the Federal Reserve’s own standards, from their own asking,” said Congressman Riggleman. “If the Federal Reserve does decide to enter the faster payments space they need to explain why in a thorough and transparent manner. My bill requires the Fed to provide a justification for any further actions in the payments space.”
Congressman Riggleman has been a leader in the Financial Services Committee on the Faster Payments issue. In the July Humphrey-Hawkins hearing with Federal Reserve Chairman Jerome Powell, Congressman Riggleman pushed the Chairman on the implementation of a Federal Reserve real time payments system. You can watch his questioning here.