Federal Trade Commissioner Rohit Chopra, who is tasked with reining in the sprawling reach of the tech industry, says the time is now for the Federal Reserve to take action by revamping critical infrastructure before it gets hijacked. According to Chopra, the US is falling behind in the race to revamp payments — a race that is pitting a “megabank monopoly” against governments and central banks.
Up against tech giants, followed by a slew of fintech firms in Silicon Valley, the Fed is facing strong challengers trying to loosen its grip over the dollar, payment rails and how money flows.