A three-day payment delay is an annoyance to someone with savings and ample credit, but it is a costly burden, and sometimes a serious problem for others. And overdraft and insufficient funds fees hit LMI households hard. I have been working on issues of financial inclusion for a significant portion of my career as a public official and as an academic.
I am so pleased with the progress made toward instant payments under the leadership of Vice Chair Brainard and Chair Powell, and I am looking forward to doing whatever I can to support this work, including the launch of the FedNow Service. The Federal Reserve has a responsibility to facilitate payments that work well for everyone, and we are committed to doing so.