The blog post appears to wrongly conflate the forthcoming FedNow system with digital currency, commonly referred to as a “ central bank digital currency,” or CBDC, which the Fed has also said it is exploring, Anthony and other experts say. The Fed has provided regular updates on the process, launched a frequently asked questions page and even published a notice in the Federal Registe r early in the process in order to solicit public feedback. There isn’t anything secretive about the planned system, either, as the blog post claims, Anthony noted.
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“It’s like changing from Blockbuster to Netflix.” Nicholas Anthony, a policy analyst at the Cato Institute, another Washington-based research group, noted that banking institutions are already required to report suspicious financial behavior and other potential threats under the federal Bank Secrecy Act, which was enacted in 1970 to crack down on money laundering and the financing of terrorism. “They are upgrading their current system that runs on 1950s tech to one that’s modern,” Klein explained in an email. He said the Fed is simply revamping its outdated Automated Clearinghouse system, which is the network financial institutions use to send each other electronic credit and debit transfers such as payroll direct deposits, social security benefits and tax refunds. Aaron Klein, a senior fellow at the Brookings Institution, a think tank in Washington, D.C., concurred. “The Fed and FedNow cannot access individuals’ bank accounts or control how they choose to spend their money,” the agency said in an emailed statement.
Instead, they say, it details the creation of FedNow, a new service set to launch this summer that will allow banks and credit unions to speed up the dayslong process of clearing checks and electronic payments. OP-1670 - suggests nothing of the sort, Fed officials and banking experts say. But the government document referenced by the post - Docket No. Bank Accounts.” The blog item claims a secretive government initiative “gives unelected officials the power to closely monitor or even freeze your account based on your behavior, and potentially even based on your political views.” It also claims the system would give government officials the power to monitor a person’s investments, restricting how much they can invest or contribute to certain companies, causes and political parties. OP-1670 Exposes New Fed Power to Seize Control of U.S. Yet social media posts are sharing a lengthy blog piece with the headline “U.S.
They say the service simply replaces the agency’s outdated system for banks to process checks and electronic payments. THE FACTS: Fed officials and banking experts say the new FedNow service does not give the agency additional surveillance and enforcement authorities. FedNow won’t give agency power to seize bank accounts for political beliefsĬLAIM: The Federal Reserve is launching a new program that will give it the power to monitor, freeze and even seize private bank accounts based on a person’s behavior or political beliefs.
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