Kansas Fed’s George defends proposed instant payments system
Former FDIC head Bair warns current payment systems could fail “catastrophically”
A senior US Federal Reserve official strongly defended the Fed’s proposed real-time payment system, FedNow, against criticisms from private-sector payments executives, in a Senate hearing on September 25.
Federal Reserve Bank of Kansas City president Esther George was backed by the former head of the Federal Deposit Insurance Corporation (FDIC), Sheila Bair, in arguing that the US’s payments sector needed major reform.
Robert Hunter, executive managing director of the US’s only real-time
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