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Fed's real-time payment system proposal welcomed by US FTC Commissioner Chopra

( November 14, 2019, 18:20 GMT | Official Statement) -- MLex Summary: The Federal Reserve's real-time payment proposal is a "natural extension" of the Fed's existing role in check-clearing, wire transfers and the automated clearinghouse system, Federal Trade Commission member Rohit Chopra said in a statement to the Fed's Board of Governors. Chopra outlined three arguments in support of the Fed's proposed real-time FedNow Service: introduction of a public competitor would help prevent a Wall Street "megabank monopoly"; it would "check" private-sector abuse; and it would provide "proven benefits" as a public competitor.See document attached....

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