Central Banking

Powell says Fed will decide on 24/7 RTGS system ‘soon’

Jerome Powell
Bipartisan Policy Center

The Federal Reserve is still weighing up the possibility of launching a round-the-clock real-time gross settlement (RTGS) system, but will reach a decision “soon”, chair Jerome Powell said on July 31.

“It’s something we’re looking at carefully and something I do expect we’ll make a decision on soon,” said Powell in response to a question at this week’s Federal Open Market Committee press conference.

The issue has risen on the Fed’s agenda as several members of the US Congress have proposed

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account