, may 2020 ), https : / / www. federalreserve. gov / publications / files / 2019 - report - economic - well - being - us - households - 202005. pdf. lael brainard, “ delivering fast payments for all ” ( remarks at the federal reserve bank of kansas city town hall, august 5, 2019 ), https : / / www. federalreserve. gov / newsevents / speech / brainard20190805a. htm ; “ supporting fast payments for all ” ( remarks at the fed payments improvement community forum, chicago, october 3, 2018 ), https : / / www. federalreserve. gov / newsevents / speech / brainard20181003a. htm. federal reserve actions to support interbank settlement of faster payments, 84 fed. reg. 39, 297 ( august 9, 2019 ), https : / / www. govinfo. gov / content / pkg / fr - 2019 - 08 - 09 / pdf / 2019 - 17027. pdf. potential federal reserve actions to support interbank settlement of faster payments, request for comments, 83 fed. reg. 57, 351 ( nov. 15, 2018 ), https : / / www. federalregister. gov / d / 2018 - 24667. u. s. treasury, a financial system that creates economic opportunity : nonbank financials, fintech, and innovation ( department of the treasury, july 2018 ), 156 – 157, https : / / home. treasury. gov / sites / default / files / 2018 - 08 / a - financial - system - thatcreates - economic - opportunities - - - nonbank - financials - fintech - andinnovation. pdf? mod = djem _ b _ fintech _ 20180302. communities they serve, no matter their size or geographic location, should have equitable access to the u. s. payment system. through the direct connections that we have with more than 10, 000 banks, the fednow service will be broadly accessible to banks and the communities they serve across the country. the fednow service will not only expand but also strengthen the u. s. payment infrastructure by operating alongside the private - sector instant payment service, the clearing house ’ s rtp network. as they do for other payment services, many banks may choose to maintain access to more than one instant payment service

compound, or reliance on costly sources of credit. for small businesses, the ability to receive customer payments instantly could help them manage cash flows when working capital is tied up in materials or inventory. and for the 1 in 10 americans who regularly work in see also ezra karger and aastha rajan, “ heterogeneity in the marginal propensity to consume : evidence from covid - 19 stimulus payments, ” working paper series 2020 - 15 ( chicago : federal reserve bank of chicago, may 2020 ), https : / / www. chicagofed. org / publications / working - papers / 2020 / 2020 - 15 ; and raj chetty, john n. friedman, nathaniel hendren, michael stepner, and the opportunity insights team, “ how did covid - 19 and stabilization policies affect spending and employment? a new real - time economic tracker based on private sector data, ” opportunity insights working paper ( cambridge, mass. : opportunity insights, may 2020 ), https : / / opportunityinsights. org / wp - content / uploads / 2020 / 05 / tracker _ paper. pdf. the gig economy, getting immediate access to the payments for their work could help address cash - flow constraints when money is tight. 6 fednowsm service consumers and businesses across the country want and expect instant payments, and the banks they trust should be able to provide this service securely. one year ago, the federal reserve announced we would build the fednow service to enable banks of every size and in every community in america to provide safe and efficient instant payment services around the clock, every day of the year. 7 the fednow service will facilitate end - to - end instant payment services for consumers and businesses, increase competition, and ensure equitable access to banks of all sizes nationwide. the federal reserve is uniquely positioned to build an instant payment infrastructure, given our long history of operating payment systems to promote a safe, efficient, and broadly accessible payment infrastructure. the decision to build an instant payment infrastructure reflected support from a broad set of stakeholders, including the vast majority of over 400 commenters that responded to the board ’ s 2018 notice, as well as the u. s. treasury. 8 our public mission in providing payment services is built on the proposition that all banks and the board of governors of the federal reserve system, report on the economic well - being of u. s. households in 2019, featuring supplemental data from april 2020 ( washington : board of governors