A Monopoly Not in the Public Interest

By Thomas Hoenig

I was surprised to see Bill Poquette’s editorial (BankNews, May 2019) channeling the Bank Policy Institute’s assertion that The Clearing House deserved a monopoly for real time payments in the United States. The idea that only TCH should provide this service and that competition from the Federal Reserve banks or others would hinder progress is wrong and inconsistent with over 100 years of experience. As he notes, the Bank Policy Institute is an instrument of TCH banks, and making public policy decisions from its viewpoint would adversely affect the payments system for decades to come.


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