The most recent assessment of this operational role was conducted in the late 1990s, by the Committee on the Federal Reserve in the Payments Mechanism, better known as the Rivlin Committee, and it focused on the Federal Reserve’s role in the check and ACH systems.
It is very clear to us that there is a significant need for a better understanding  of  the  mechanisms  by  which  monetary  and  macroprudential policy interact and global financial cycles propagate and impact our own financial system.