Safe and effective.
“For example, if John Doe wishes to pay a bill, he would initiate the transaction as he normally would through an end-user platform like his banking app. John’s bank would then send the request to the Federal Reserve, which would notify the recipient’s bank that funds are about to be transferred and would give the go-ahead to John’s bank to release the funds. The Federal Reserve would then take the funds from John’s bank and deposit them in the recipient’s bank. This would all happen in the span of six seconds.”
But if John Doe gets a paycheck or any other check his bank will still hold it for ten to fourteen days just because they can. The Fed has no plans to fix this.
It will go absolutely nowhere, however, it would be interesting to see how Fed Now holds up in court.
Has any court case ever been brought against the Federal Reserve for going outside of the law when it was created and since.
😱
And...under what section of the Constitution is this process authorized?
Asking for a couple hundred million friends...
ATTENTION PERSONS WITH BRAINS! DO NOT, DO NOT USE THIS NEW RUSE IF AT ALL POSSIBLE! That is all.
Is FedNow the reason T-mobile will not give a discount for credit card autopay after years of doing so?
They will with a debit card or bank card, but not with a credit card as of next month.
And The Fed now has the power to scrutinize and insta-block any of said transactions.
Naw, they’ll never abuse it. Nope.
Start using cash.
If retail stores dealt in 90% of transactions in cash, THEY would put a stop to this cashless bs.
That and cashiers would learn math.
Pay bills with a check and you’ll create jobs that the tech took over.
I haven’t seen how much they are going to charge for this. The BIG money in the banking world is grabbing a very small piece of every transaction that passes by.
I don’t think the average person is going to notice, until they do.
The funny part is that once it’s in place, the way the Fed works, it won’t be changed for 20 years. This is goi g to be a dinosaur pretty quickly.
Eliminate cash. Every transaction made will be known to our communist rulers and if they don’t like something we’ve done with our money, we’ll be arrested and put into re-education camps until we “get our minds right”.
"Federal Reserve set to oversee bank transactions"
FR: Never Accept the Premise of Your Opponent’s Argument
First, the drafters of the Constitution expressly limited the states to using only gold and silver coin for legal tender, a situation that needs to be redressed imo.
"Article I, Section 10, Clause 1: No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts [emphases added]; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility."
Next, since the drafters of the Constitution gave the power to regulate the value money uniquely to Congress, activist President Woodrow Wilson wrongly ignored first leading Congress to successfully petition the states for an appropriate amendment to the Constitution which would have made the Federal Reserve constitutional instead of unconstitutional imo.
"Article I, Section 8, Clause 5: To coin Money, regulate the Value thereof [emphasis added], and of foreign Coin, and fix the Standard of Weights and Measures;"
Also, since voters have the power to regulate value of money indirectly with their constitutionally enumerated voting power, the scandalous establishment of Federal Reserve wrongly weakened citizen voting power imo.
In fact, the 16th Amendment (16A) weakened the 4th Amendment imo, evidenced by Congress and the non-popularly elected bureaucrats of the Federal Reserve having 16A as an excuse to stick their big noses into our INTRAstate banking accounts.
"4th Amendment: The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."
"16th Amendment: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration."
And speaking of intrastate bank accounts, the drafters of the Constitution had considered giving banking powers to Congress, but had rejected the idea because they knew that existing banks in the colonies didn't want the untrusted feds to stick their noses into the banking business.
"It is known that the very power now proposed as a means was rejected as an end by the Convention which formed the Constitution. A proposition was made to them to authorize Congress to open canals, and an amendatory one to empower them to incorporate. But the whole was rejected, and one of the reasons for rejection urged in debate was, that then they would have a power to erect a bank, which would render the great cities, where there were prejudices and jealousies on the subject, adverse to the reception of the Constitution [emphasis added]. — Jefferson's Opinion on the Constitutionality of a National Bank : 1791
The first step to restoring the Constitution to its foundations for 2024 elections is for patriots to primary as many incumbent state and federal lawmakers and executives as they can, except for MTG, Gaetz, others?, since incumbents are not upholding their oaths to protect and defend the Constitution.
Exclusive: Marjorie Taylor Greene ‘Dumbfounded’ GOP Colleagues Will Not Call for Biden’s Impeachment! (6.10.23)
Then after Democratic and Republican patriots support Trump 47 with new Constitution-savvy state and federal lawmakers, Trump can lead the states to repeal 16A so that the crooks that ordinary qualified citizen voters unthinkingly repeatedly elect to federal office will no longer have a tsunami of unconstitutional taxes as incentive to get elected to DC.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
“If the tax be not proposed for the common defence, or general welfare, but for other objects, wholly extraneous, (as for instance, for propagating Mahometanism among the Turks, or giving aids and subsidies to a foreign nation, to build palaces for its kings, or erect monuments to its heroes,) it would be wholly indefensible upon constitutional principles [emphases added].” — Justice Joseph Story, Commentaries on the Constitution 2 (1833).
From the congressional record:
”Simply this, that the care of the property, the liberty, and the life of the citizen, under the solemn sanction of an oath imposed by your Constitution, is in the States and not in the federal government [emphases added]. I have sought to effect no change in that respect in the Constitution of the country.” —John Bingham, Congressional. Globe. 1866, page 1292 (see top half of third column)
Democrats Are Terrified Of An Educated And Informed Public (3.12.23)
Along with repealing 16A, the 17th Amendment (17A; popular voting for federal senators) can disappear too.
In fact, if the amendment to repeal 16&17A is strictly limited to repealing those amendments, then arguably little, or ideally no discussion would be needed before repeal amendment was ratified.
The definition of insanity is reelecting your beloved career state and federal lawmakers and executives over and over again, expecting those same politicians to find remedies for unconstitutional government policies every time.
Patriots, let's not allow ourselves to be fooled for a third time in 2024.
Well, how very Big Brother of them.
How many more tax dollars will this cost?
So, if I wire money to buy some gold or silver, Uncle Sam’s got his eyes on that transaction and making note(?)