; and (B) to ensure the provision of payment services to all depository institutions on an equitable basis and in an atmosphere of competitive fairness. (9) The Monetary Control Act of 1980 (title I of Public Law 96–221 ; 94 Stat. 132) provided the Board of Governors of the Federal Reserve System with the authority to oversee the payment system in the United States. (10) The Expedited Funds Availability Act ( 12 U.S.C. 4001 et seq.), enacted on August 10, 1987, provided the Board of Governors of the Federal Reserve System with full authority to regulate all aspects of the payment system, including the receipt, payment, collection, clearing of checks, and related functions of the payment system pertaining to checks. (11) In a July 2018 report on financial technology, the Department of Treasury acknowledged the important role of the Board of Governors of the Federal Reserve System in bringing real-time payment settlement services to the United States when the Department recommended the Board of Governors work to facilitate a faster retail payment system, in particular, for smaller financial institutions such as community banks and credit unions, noting that such institutions should also have the ability to access the most innovative technologies and payment services. (12) The authorities described in paragraphs (9) and (10) are more critical than ever given how the financial services sector has been defined as a vital component of critical infrastructure in the United States. (13) The role of the Board of Governors of the Federal Reserve System in the financial services sector will ensure the resiliency of the payment system in the United States. (14) The Board of Governors of the Federal Reserve System should develop a real-time interbank payment system to ensure that— (A) consumers are prioritized; (B) consumers and small businesses are protected from fraud and errors, including with respect to a payment initiated by a consumer or small business; (C) the payment system is open to increased competition