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Board of Governors of the Federal Reserve System
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Federal Reserve Board of Governors

Payments System Policy Advisory Committee

The Board of Governors of the Federal Reserve System established the Payments System Policy Advisory Committee in 1986 to provide a mechanism for coordinating Federal Reserve System work, and advising the Board on policy and strategic matters involving domestic and international payment and settlement issues. The Committee's purview includes
  • Risks and risk management issues in payment, clearing, and settlement systems;
  • The relationship between payment, clearing, and settlement systems and financial markets, including financial stability issues;
  • Strategies and policies to foster the long-term safety, efficiency, and accessibility of the U.S. dollar payments system;
  • Collaboration with private-sector payments system providers and users to reduce risk and improve efficiency in retail and wholesale payment, clearing, and settlement systems;
  • International and domestic developments in payment, clearing, and settlement systems and instruments as well as technological and market trends affecting these developments;
  • International work among central banks and other authorities on payment, clearing, and settlement issues through the Committee on Payment and Settlement Systems and other bodies; and
  • Part II of the Federal Reserve's Policy on Payments System Risk, which governs the provision of intraday credit by the Reserve Banks.

The committee's membership consists of three Board members and three Reserve Bank presidents, with the first vice president who serves as the Retail Payments Product Director as a liaison member.

Members
 

Jerome H. Powell (chair), Governor, Board of Governors of the Federal Reserve System
Daniel K. Tarullo, Governor, Board of Governors of the Federal Reserve System
William C. Dudley, President, Federal Reserve Bank of New York
Eric S. Rosengren, President, Federal Reserve Bank of Boston
Narayana Kocherlakota, President, Federal Reserve Bank of Minneapolis
Marie Gooding, First Vice President, Federal Reserve Bank of Atlanta
 

Last update: June 10, 2014