Gary Hart: “Check Clearing for the 21st Century or, as we call it, Check 21, holds…”

On the recordOctober 8, 2003

Check Clearing for the 21st Century or, as we call it, Check 21, holds the promise of a much more efficient check collection system by removing legal barriers to full utilization of new technology. It is very simple. It is a win for consumers; it is a win for the financial services industry. It will empower banks to help prevent fraud and empower consumers with more control over their accounts. It also empowers them with more efficiency in availability of their funds. Basically, our current legal framework has not kept up with technological advances. It has constrained the efforts of many banks to use innovations like digital check imaging, to improve check processing efficiency, providing improved services to customers, and substantial reductions in transportation and other check processing costs.

Said by

Gary Hart

Colorado

Source

govinfo.gov

Editor's note · Context

Discussing the benefits of the Check Clearing for the 21st Century Act during a House floor speech.

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Gary Hart: “Check Clearing for the 21st Century or, as we call it, Check 21, holds the promise of a much more efficient check…”

Editor's note · Context