First in The Vault: A senior Treasury Department official will call on policymakers to weigh significant changes to the national regulation of payments this afternoon, saying the current system has “not kept pace with the growth in new kinds of money and payments.”
Nellie Liang, the Treasury Department’s undersecretary for domestic finance, will pitch an audience at the Chicago Federal Reserve with a speech that’s directed as much to Congress as the private sector.
“The existing regulatory patchwork is burdensome and inefficient, and at the same time does not adequately address risks to consumers and the financial system or promote competition,” Liang will say, according to a draft copy of her remarks we reviewed.
