The Federal Reserve Board on Tuesday said it is forming a committee to study medium- to long-term public policy issues affecting the retail payments system.

The Payments System Development Committee will be led jointly by Fed Governor Roger W. Ferguson Jr. and Cathy E. Minehan, the president of the Federal Reserve Bank of Boston.

The panel will focus on the future of payment systems that facilitate consumer, government, and low-value corporate transactions. It will provide a forum for analysis of technological and market trends. The committee, working with the private sector, will try to enhance the long-term efficiency of check and automated clearing house services, the Fed said.

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