> If the government wants to tax these transactions - and let's admit it, they do - they'll take it right off the top. The Federal Reserve isn't the government

> If the government wants to tax these transactions - and let's admit it, they do - they'll take it right off the top. The Federal Reserve isn't the government. Yes, if they want to charge a fee for this service, they could. The same is true of every existing money-moving mechanism. > Unlike with the banking system where different banks have different prices for wires - or even free under certain conditions - you can't "shop around" for a new government FedNow is essentially free[0]. If FedNow imposes a higher fee in the future, you can always choose to use other services (ACH, wire payments, etc.). It's a competitive market. > Further, if a government determines you are not an "acceptable" participant, they have the ability to stop transactions to/from you. This power already exists. FedNow doesn't change it one way or the other. [0] https://www.frbservices.org/news/press-releases/012722-fednow-pricing-announcement https://www.frbservices.org/news/press-releases/012722-fedno...