The Faster Payments Task Force ("task force"), convened by the Board of Governors of the Federal Reserve System ("FRB") in May 2015, issued part two of a final report. Part one was released in January 2017.
The task force was established in order to "identify and assess alternative approaches to implementing safe, ubiquitous, faster payments capabilities in the United States." The final report contains proposed recommendations, including developing a formal governance framework and establishing a set of rules which could be adopted broadly. The task force recommended that the FRB establish a full-time settlement service and monitor technological developments in order to protect consumers more effectively.
Federal Reserve System Governor Jerome Powell described the challenges and policy objectives behind (i) the creation of a real-time retail payment system, (ii) the use of distributed ledger technology for clearing and settlement services, and (iii) the issuance of digital currencies by central banks.