PurposeThe 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/approachIt reviews the literature on the role of the Federal Reserve and assessments of its involvement.FindingsIn 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/implicationsThe Federal Reserve has served the public interest and private networks have benefited from the “visible hand” of government.Practical implicationsMigration to electronic payments will likely change its role from an operator to setting standards for safety and security.Originality/valueThe historical review provides context against which the future strategy of the Federal Reserve may be assessed.
Journal of Financial Regulation and Compliance – Emerald Publishing
Published: Feb 12, 2018
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera