To obtain the thoughts of these payments system participants, the Committee developed five hypothetical scenarios for the Federal Reserve’s future role in the check and ACH payment services. These scenarios were not developed specifically as policy options but rather were intended solely to stimulate discussion. Because many of you are familiar with these scenarios, I will review them only briefly.
*** Let me start by saying that, to me, this is a very happy occasion. I am seeing old friends. There are two meanings of old-one is the difference between your birthdate, and mine is five or less. That is old, right? The other one is that I have known you for decades. Of course, in this particular case, that is also true.