The Federal Reserve is an independent entity within the federal government in that its decisions do not have to be ratified by the President or any other executive branch official. The Congress, through the Federal Reserve Act, sets the Federal Reserve’s goals and oversees it, but the Federal Reserve decides independently how to achieve its congressionally mandated goals.
Let me broadly describe how we would like to see the payment system evolving. Some desirable features of payments systems Our regulations governing payments systems have to be ownership, institution, and technology neutral so that we encourage the most efficient outcomes.