Many issues identified and needing resolution are still “open.” They include considering whether the Federal Reserve should assume a very aggressive operational and regulatory posture to convert all payments to electronics and whether we should launch an intensive public education campaign to inform consumers of the benefits of electronic transactions.
We are also considering suggestions that we establish a regulatory regime that encourages electronic payments and discourages paper, that the Federal Reserve take the lead in establishing standards for electronic payments, and that we work toward a revised legal structure more suitable to an electronic environment.