From WSJopinion: The Fed already has more power than an independent government agency should. Allowing it to go forward with a payment system plan that unnecessarily competes with the private sector makes no sense, writes Peter J. Wallison.
The Federal Reserve announced earlier this month that it will launch a real-time payment service called “FedNow” sometime in the next five years.
The move demonstrates that the independent central bank, already one of the most unaccountable agencies in the federal government, is accumulating too much power. In recent years the Fed has fended off several efforts to determine whether its expenditures—which aren’t appropriated by Congress—are consistent with policies that the American people and their representatives want the central bank to pursue.
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