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The Federal Reserve and retail payments: a historical review

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  • Ashish Lall

Abstract

Purpose - The purpose of this paper is to provide a comprehensive historical review of the role of the Federal Reserve in retail payments in the USA. Design/methodology/approach - It reviews the literature on the role of the Federal Reserve and assessments of its involvement. Findings - In addition to its oversight and operational role, the Federal Reserve has conducted R&D and facilitated technology adoption. It has provided effective competition to the private sector without subsidies. Research limitations/implications - The Federal Reserve has served the public interest and private networks have benefited from the “visible hand” of government. Practical implications - Migration to electronic payments will likely change its role from an operator to setting standards for safety and security. Originality/value - The historical review provides context against which the future strategy of the Federal Reserve may be assessed.

Suggested Citation

  • Ashish Lall, 2018. "The Federal Reserve and retail payments: a historical review," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 26(1), pages 58-71, February.
    • Handle: RePEc:eme:jfrcpp:jfrc-09-2016-0077
    DOI: 10.1108/JFRC-09-2016-0077
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