[hutzlibu]

"Personally, I’d rather the Fed run real time payments instead of some private consortium made up of the largest US banks "

I allways thought, that the fed is exactly this? A private consortium out of the biggest US banks?

(But I am not a US citizen, but this is what I understood and thought strange, compared to the EU for example)

[toomuchtodo]

It’s a public private hybrid entity that is accountable to the US Congress (who also defines their mandate).

https://www.federalreserve.gov/faqs/about_12798.htm