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SEPTEMBER/OCTOBER 1996 Bruce J. Summers is a senior vice president and chief financial officer at the Federal Reserve Bank of Richmond. R. Alton Gilbert is a vice president and banking advisor at the Federal Reserve Bank of St. Louis. Mary C. Lohmann provided research assistance. Clearing and began declining in 1980, when the Reserve Banks began charging for payment ser- Settlement of vices, as required by the Monetary Control Act. This declining share, for both small- U.S. Dollar and large-dollar payments, appears to rep- resent a major shift in the operation of the Payments: Back U.S. dollar payments system. Our paper examines the implications of this shift for to the Future? the Federal Reserve’s ability to fulfill its mandate to safeguard the stability and efficiency of the payments system. In particular, we examine whether the prob- Bruce J. Summers and lems that existed in the payments system R. Alton Gilbert prior to 1914 will at some time reappear as the Fed’s operational role declines. It is The Federal Reserve System was important to consider whether the nation’s formed in 1914. Wide dissatisfaction with payments system has changed in ways that routinely exp