Powell says Fed will decide on 24/7 RTGS system ‘soon’

Fed under pressure to act amid flurry of legislative activity around payments

Federal Reserve
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The Federal Reserve is still weighing up the possibility of launching a round-the-clock real-time gross-settlement (RTGS) system, but will reach a decision “soon”, chair Jerome Powell said on July 31.

“It’s something we’re looking at carefully and something I do expect we’ll make a decision on soon,” said Powell in response to a question at this week’s Federal Open Market Committee press conference.

The issue has risen on the Fed’s agenda as several members of the US Congress have proposed

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