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 Payments and Market Infrastructures 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, four Reserve Bank presidents, and the Federal Reserve System’s chief payments executive.

Members

Lael Brainard (chair), Governor, Board of Governors of the Federal Reserve System
Randal K. Quarles, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System
Michelle W. Bowman, Governor, Board of Governors of the Federal Reserve System
John C. Williams, President, Federal Reserve Bank of New York
Loretta J. Mester, President, Federal Reserve Bank of Cleveland
Raphael W. Bostic, President, Federal Reserve Bank of Atlanta
Charles L. Evans, President, Federal Reserve Bank of Chicago
Mark A. Gould, Chief Payments Executive, Federal Reserve Financial Services

 

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Last Update: May 11, 2021