Citation Edit

National Commission on Electronic Fund Transfers, EFT in the United States: Policy Recommendations and the Public Interest: The Final Report of the National Commission on Electronic Fund Transfers (1977) (full-text).

Overview Edit

Congress directed the National Commission on Electronic Fund Transfers to conduct a thorough study and investigation of the emerging payment system alternative known as electronic funds transfer (EFT), and to recommend appropriate administrative action and legislation to permit the orderly development of private and public EFT systems.

This report presents the conclusions and recommendations of the Commission. It focuses particularly on the rights and responsibilities of consumers in EFT. But it also contains recommendations on the availability of EFT services, on the deployment and sharing of EFT systems, on the competitive implications of EFT, on technological considerations in EFT development, on the role of the Government as an operator of EFT systems, on the potential impact of EFT on monetary policy, and on other significant matters that appear to require governmental attention, both Federal and State.

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