Todd Zywicki on the PACE Act
ICLE Academic Affiliate Todd Zywicki was quoted in a Washington Reporter piece concerning the Payments Access and Consumer Efficiency Act, proposed legislation that modernizes payment methods:
Todd Zywicki, a law professor at George Mason University, called the legislation “excellent news.”
“Unleashing competition and consumer choice in payments starts with breaking down banks’ privileged access to the payment rails and archaic state barriers to payments transmission,” Zywicki explained. “Modern technology and consumer preferences mean that you don’t need access to a bank account just to move money. Many of us already use money transmission layered on top of bank accounts, but simply moving money with no counterparty risk shouldn’t require a bank account.”
Read the full piece here.