Over the past few months, the Federal Reserve and the other federal banking agencies have been reviewing these comments carefully and have met with industry trade groups and individual bankers.
Indeed, in his presentation at our Domestic Financial Institutions Conference earlier this year, Sweden’s Deputy Central Bank Governor, Henry Ohlsson, discussed the merits of cash, citing both the need to protect the financially marginalised and the privacy that paying with cash affords. Deputy Governor Ohlsson is not alone recognising the benefits of cash even while supporting the development and adoption of electronic payments.