Payments System Policy Advisory Committee

The Board of Governors of the Federal Reserve System established the Payments System Policy Advisory Committee in 1986 to provide a mechanism for coordinating Federal Reserve System work, and advising the Board on policy and strategic matters involving domestic and international payment and settlement issues. The Committee's purview includes

• The Federal Reserve's Policy on Payments System Risk, which sets forth risk-management expectations that public and private-sector systems should meet and governs the provision of Federal Reserve intraday credit
• The Federal Reserve's oversight of payment and settlement systems, with a focus on the systems' risk management policies and processes
• The relationship between payment and settlement systems and financial markets, including related financial stability issues
• Developments in retail and wholesale payment systems and instruments as well as technology and market trends affecting these developments
• Strategies to foster the safety, efficiency, and accessibility of the U.S. dollar payments system over the long term
• Collaboration with private-sector payments system providers and users to reduce risk and improve efficiency in retail and wholesale payment and settlement systems.

The committee's current membership consists of three Board members and three Reserve Bank presidents.

Members
Janet L. Yellen (chair), Vice Chair, Board of Governors of the Federal Reserve System
Daniel K. Tarullo, Governor, Board of Governors of the Federal Reserve System
Jerome H. Powell, Governor, Board of Governors of the Federal Reserve System
William C. Dudley, President, Federal Reserve Bank of New York
Eric S. Rosengren, President, Federal Reserve Bank of Boston
Sandra Pianalto, President, Federal Reserve Bank of Cleveland