TAILIEUCHUNG - The Federal Reserve in the U.S. Payments System

The Federal Reserve plays an important role in the . payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions, they maintain accounts and provide various payment services, including collecting checks, electronically transferring funds, and distributing and receiving currency and coin. For the federal government, the Reserve Banks act as fiscal agents, paying Treasury checks; processing electronic payments; and issuing, transferring, and redeeming . government securities | 7 The Federal Reserve in the . Payments System The Federal Reserve plays an important role in the . payments system. The twelve Federal Reserve Banks provide banking services to depository institutions and to the federal government. For depository institutions they maintain accounts and provide various payment services including collecting checks electronically transferring funds and distributing and receiving currency and coin. For the federal government the Reserve Banks act as fiscal agents paying Treasury checks processing electronic payments and issuing transferring and redeeming . government securities. By creating the Federal Reserve System Congress intended to eliminate the severe financial crises that had periodically swept the nation especially the sort of financial panic that occurred in 1907. During that episode payments were disrupted throughout the country because many banks and clearinghouses refused to clear checks drawn on certain other banks a practice that contributed to the failure of otherwise solvent banks. To address these problems Congress gave the Federal Reserve System the authority to establish a nationwide check-clearing system. The System then was to provide not only an elastic currency that is a currency that would expand or shrink in amount as economic conditions warranted but also an efficient and equitable check-collection system. Bank panic of 1907 83 The Federal Reserve System Purposes and Functions The Federal Reserve performs an important role as an intermediary in clearing and settling interbank payments. Congress was also concerned about some banks paying less than the full amount of checks deposited by their customers because some paying banks charged fees to presenting banks to pay checks. To avoid paying presentment fees many collecting banks routed checks through banks that were not charged presentment fees by paying banks. This practice called circuitous routing resulted in extensive delays and inefficiencies in

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