The CEO of a big-bank lobbying group recently said that the central bank may be on the verge of pulling a bait and switch on faster payments. But his comments glossed over a lot of the relevant history.
Lawmakers including presidential hopeful Elizabeth Warren have introduced a bill that would put the Federal Reserve in charge of creating its own real-time payments network.
A group of senators on the Banking Committee sent a letter to the central bank chairman grilling him on the agency's efforts to develop a real-time payments system.
The Democratic presidential candidate argued in a blog post that the U.S. could avoid a recession by canceling most student debt and authorizing regulators to more aggressively monitor leveraged lending.
