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Illustration: Rebecca Zisser/Axios

The Fed is developing its own real-time payments and settlement service and reviewing 200 comment letters submitted late last year about the proposal, Fed governor Lael Brainard said in a speech Wednesday.

What's happening: Central banks around the world have been working to issue digital currencies amid a decline in the use of cash and an increase in dependence on commercial banks for payments. Private companies like Facebook and its Libra cryptocurrency also have spurred central banks into action.

Why it matters: "Today, it can take a few days to get access to your funds," Brainard said in her speech. "A real-time retail payments infrastructure would ensure the funds are available immediately — to pay utility bills or split the rent with roommates, or for small business owners to pay their suppliers."

  • "Immediate access to funds could be especially important for households on fixed incomes or living paycheck to paycheck when waiting days for the funds to be available to pay a bill can mean overdraft fees or late fees that can compound."
  • "To make this possible, it is vital to invest in real-time retail payments infrastructure with national reach."

The big picture: The private sector already is amassing holdings of the public's money that is larger than many banks, she said, highlighting Paypal, Walmart and Starbucks as companies that currently hold billions of dollars of their customers' money on various cards and accounts.

The last word: "Although various federal and state laws establish protections for users, issuers of nonbank money are not regulated to the same extent as banks, the value stored in these systems is not insured directly by the FDIC, and consumers may be at risk that the issuer will not be able to honor its liabilities."

Go deeper:

Go deeper

1 hour ago - Technology

Ex-N.Y. Post digital chief files lawsuit alleging sexual harassment

Richard B. Levine) (Photo by Richard Levine/Corbis via Getty Images

Former New York Post editor Michelle Gotthelf is suing her former employer, its parent company News Corp. and two editors, alleging she was reprimanded after complaining to senior executives that she was sexually harassed by retired N.Y. Post editor-in-chief Col Allan. The N.Y. Post issued a statement denying any wrongdoing.

Why it matters: "I felt that I owed it to myself and I owed it to the news organization and the people who answered to me," Gotthelf, who was a long time editor at the N.Y. Post, told Axios in an interview.

Updated 2 hours ago - Economy & Business

Airlines warn of flight cancellations amid 5G rollout concerns

Emirates SkyCargo airline Boeing 777F aircraft. Photo: Nicolas Economou/NurPhoto via Getty Images

Emirates and Delta airlines announced Tuesday that the planned rollout of 5G services at certain American airports could affect flights.

Driving the news: AT&T and Verizon announced earlier Tuesday that they would delay this week's scheduled rollout of 5G signals near a limited number of airports due to continued concerns from the aviation industry.

Updated 3 hours ago - Politics & Policy

Political consultants pocket taxpayer cash

Illustration: Shoshana Gordon/Axios

Members of Congress are turning to the same political consultants who got them elected to blast out taxpayer-funded communications from their government offices, records show.

Why it matters: While those members are barred from politicking with official funds, the firms have expertise in boosting elected officials' images for political gain and are in high demand for both campaign and government work.