WASHINGTON -- Private-sector advocates gained a powerful ally this week - House Banking Committee Chairman Henry B. Gonzalez - in their fight to keep the Federal Reserve from bidding on a contract to convert corporate tax payments to an electronic format.

The Texas Democrat lined up with the National Automated Clearing House Association and some big-bank interests in arguing that the Fed would be an unfair competitor.

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.