A Federal Reserve Board committee has recommended that the central bank keep a strong hand in retail payment systems and promote further efficiencies in electronic check presentment and automated clearing house operations.

Releasing its conclusions Monday after a 14-month review of the Fed's role, the panel headed by Vice Chairman Alice M. Rivlin rejected the privatization of Fed operations that large-bank interests have been calling for.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.