Ensuring a reliable nationwide payment infrastructure was one of the motivations that led the Congress to create the Federal Reserve after the severe financial panic of 1907. Fostering a  1  I am grateful to Susan Foley, John Maggs, Mark Manuszak, and Anjana Ravi of the Federal Reserve Board for their assistance in preparing this text.
These remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee. 2  Noted by Federal Reserve Chairman W.P.G.