To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The Federal Reserve Board has announced the consolidation of two internal advisory committees on payments system matters. The duties of the Payments System Policy Advisory Committee will be expanded to encompass the responsibilities and activities of the Payments System Development Committee, including its public outreach efforts. The Payments System Development Committee will be discontinued.
The Payments System Policy Advisory Committee will be chaired by Governor Donald L. Kohn. The other members of the committee will be President Timothy F. Geithner of the Federal Reserve Bank of New York, Governor Randall S. Kroszner, President Cathy E. Minehan of the Federal Reserve Bank of Boston, President Michael H. Moskow of the Federal Reserve Bank of Chicago, President Gary H. Stern of the Federal Reserve Bank of Minneapolis, and Governor Kevin M. Warsh. First Vice President Patrick K. Barron of the Federal Reserve Bank of Atlanta will be a liaison member of the committee.
The expanded Payments System Policy Advisory Committee will provide the Board with a coordinated view of developments in both wholesale and retail payments at a time of significant overall change in the U.S. payments system and help coordinate Federal Reserve work involving domestic and international payments and settlement systems.
See the press release below for full details.