WASHINGTON, June 30 -- Sen. John Fetterman issued the following press release:
Last week, U.S. Senator John Fetterman (D-PA) penned a letter to Federal Reserve Board Chairman Kevin Warsh urging the board to begin rulemaking under the 1987 Expedited Funds Availability Act to expedite payments and speed up paychecks for every American.
"I write to urge you to begin rulemaking pursuant to the directives of the Expedited Funds Availability Act (EFAA),12 U.S.C. Section Section 4001-4010, to expedite check clearing and make Direct Deposit speeds faster. As you may know, EFAA delegated responsibility to the Federal Reserve (Fed) to reduce the time banks can hold onto customers' funds before making them available. Despite enormous technological i...