The Board created this committee last year to help follow up on the work of my predecessor, Alice Rivlin, and to help stimulate the Federal Reserve System’s engagement with the private sector on a range of issues involving payments system innovation.
Four important activities of the committee are the following: (1) to identify strategies for enhancing the long-term efficiency of the retail payments system, (2) to identify barriers to innovation and work to address those barriers where possible, (3) to monitor market developments, and (4) to conduct workshops and forums that encourage focused discussions with the private sector.