Technological infrastructure The technological infrastructure – exchanges and systems used to clear and settle market trades or cash obligations – plays a critical role in the development of the financial sector. With the advent of modern technology, payments, clearing and settlements are effected in real-time.
Because we cannot anticipate what may be needed in the future, the Congress should preserve the ability of the Fed to respond flexibly and nimbly to future emergencies. Further restricting or eliminating the Fed’s emergency lending authority will not prevent future crises, but it will hinder the Fed’s ability to limit the harm from those crises for families and businesses.