Lawmakers Introduce Bipartisan PACE Act to Open Fed Payment Rails
Rep. Young Kim and Rep. Sam Liccardo have introduced the bipartisan PACE Act, a proposal to modernize the U.S. payments system by creating an optional national payments framework for qualifying payment firms. The bill would allow eligible institutions to access Federal Reserve payment services directly, rather than relying on layers of intermediary banks.
The proposal is intended to speed up transfers and lower costs for consumers and businesses by reducing delays and fees tied to existing payment routes. It is backed by fintech and crypto groups and would place oversight of the new framework with the Office of the Comptroller of the Currency, while giving the Federal Reserve Board final authority over related access applications.
From the sources (3 posts)
@theblockcoBipartisan PACE Act looks to open Fed payment rails to nonbanks, draws crypto support
@coindeskNEW: @RepYoungKim and @RepLiccardo introduce the PACE Act to modernize U.S. payments. The bill would let qualified firms access Federal Reserve payment rails directly, cutting delays, lowering fees, and speeding up transfers for consumers
@eleanorterrett🚨NEW: This morning, @RepYoungKim and @RepLiccardo unveiled the bipartisan PACE Act to create a national payments license for fintechs and crypto companies. The bipartisan bill would let regulated state depository institutions and credit u