This seminar has provided us with insightful ideas on the progress made and challenges confronted by the government fund community in protecting and expanding capital. I would like to organize my comments as follows, speaking first about the trade-offs investors may face as monetary policy normalization in advanced countries evolves.
The truncating bank could collect or return checks by exchanging them electronically by agreement, as they can do today, or by substituting machine-readable copies of checks ("substitute checks") for the original checks. A substitute check would consist of a printed image of the check that could be processed through check sorting equipment as though it were the original check.