Finally, as facilitator, we are eager to hear about your efforts, both the successes and the failures, and to learn what consumers think. If we are to make informed decisions on policy and regulatory issues in this rapidly changing environment, we must have a sound understanding of market developments and the implications of policy choices.
I do not believe the Federal Reserve should dictate or promote any specific “vision” of the future payments system, particularly with respect to the small-dollar retail payment mechanisms. The marketplace will be the ultimate judge of the future direction of the payments system.