U.S. Congresswoman Introduces the "Payment Access and Consumer Efficiency Act," Aiming to Modernize the Payment System

BlockBeats News, April 21st - According to CoinDesk, U.S. Democratic Representative Sam Liccardo and Republican Representative Young Kim of California have introduced the Payments Access and Consumer Efficiency Act (PACE Act), aiming to modernize the U.S. payment system.

The bill will allow eligible companies to have direct access to the Federal Reserve's payment system, reducing delays, lowering costs, and speeding up fund transfers for consumers and businesses. The proposal has received support from the fintech and cryptocurrency community, aiming to make payments faster, cheaper, and more competitive.