The Federal Reserve Should Move Faster to Eliminate Subsidy of Check Clearing Operations

摘要

The Monetary Control Act of 1980 required the Federal Reserve to begin charging in 1981 for selected services that used to be provided free to member banks. This report examines how the Federal Reserve implemented pricing for clearing checks and for clearing payments electronically--two services that together account for more than one-third of the operating budgets of Federal Reserve banks.