In passing the Monetary Control Act of 1980, Congress reaff irmed its intention that the Federal Reserve should promote an eff icient nationwide payments system. The act subjects all depository institutions, not just member commercial banks, to reserve requirements and grants them equal access to Reserve Bank payment services. It also encourages competi- tion between the Reserve Banks and private-sector providers of payment services by requiring the Reserve Banks to charge fees for certain pay- ments services listed in the act and to recover the costs of providing these services over the long run. .
