August 05, 2019

Brown Applauds FED Plan for Real-Time Payments System

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – is applauding the Federal Reserve for taking decisive action to develop a new real-time payment and settlement system, called the FedNow? Service, to support faster payments in the United States.
“Hardworking American’s shouldn’t have to wait up to three days for a check to clear. Real-time payments will give American’s around the clock access to their money instead of relying on shady payday lenders to do their banking,” said Brown.  “When the government invests in public infrastructure like a more accessible payments system, everyone gets to share in economic prosperity. I applaud Governor Brainard and the Federal Reserve for their leadership on this critical issue.”
In July, Senator Brown demanded the Federal Reserve provide detailed answers to how they will upgrade their payments system to prevent critical economic infrastructure from being controlled by powerful special interests like Wall Street Megabanks or giant tech companies like Facebook.