Fed’s role in Payments systems

Thomas Hoenig of Kansas Fed has an interesting speech on payments system in US. He points that much of the growth in payments system  is happening in private sector with no regulatory oversight. The payment system is also being run by a few large players and there is little competition. So far it is all good as there are no sisks. But as the crisis tells us we cannot take anything for granted. Hence time to move and reform this section. He argues for Fed’s increased role in oversight of payments system.

I can’t extract contents from the speech as there are security issues. So, just read on.

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