WASHINGTON — Federal Reserve Chairman Jerome Powell told members of Congress Thursday that he believes the central bank's faster payments system could be operational in “three or four” years rather than the five years that the agency initially projected.
Speaking before the House Budget Committee, Powell said the FedNow system was a “top priority” for the agency and he expects it to be completed ahead of schedule.
“We don’t think it will take five years,” Powell said. “We’re thinking three or four. We want to do it right. It’s a complicated project, it’s very important, it’s a top priority for us. Getting it right the first time is key. So we want to have it up and running within three to four years.” (Subscription required.)