The Fed's Public Option for Faster Payments Does More Harm Than Good

The Federal Reserve recently announced that the central bank would develop and operate a government-run Real-Time Payments (RTP) network called FedNow.

While the Fed has rightly recognized the benefits of instantaneous payments and deposits, their approach to achieving such an outcome is fundamentally flawed. To ensure the U.S. becomes a leader in real time payments, the government should foster, not stifle, free market innovation.

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