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• W293313387 abstract "Although only a handful of banks are members of most bankers are familiar with the CHIPS electronic clearing system in New York. Not as many, perhaps, remember that CHIPS stands for Clearing House Interbank Payment System, but they know it is an important link in the international payment system. But just how important is it? Consider that in 1978, after Ayatollah Khomeini's forces took over the American embassy in Iran, President Jimmy Carter issued an order that blocked all Iranian funds. On that day, a large Iranian bank was using CHIPS. My lawyers told me that the order was lawful, and that I would have to freeze Iranian funds, which meant that we couldn't settle the system, recalls John Lee, who at the time was executive vice-president of the New York Clearing House Association (NYCHA), which runs CHIPS. As a result, says Lee, several hundred billions of dollars would be left unsettled because CHIPS would not be able to put the Iranian funds into the pool. Finally, Lee recounts, CHIPS was able to receive a special dispensation from the White House, which permitted the system to settle. When the crisis in the Persian Gulf began with the invasion of Kuwait last August, Lee, now president of NYCHA, was not going to take any chances. The two Kuwaiti banks that were CHIPS users were cut off at 5 a.m., before CHIPS opened. In addition, President Bush that same day issued orders to block Kuwaiti funds. The next day, new Presidential orders allowed CHIPS to deal with one of the Kuwaiti banks that had transferred its operations to London. Thanks to Desert Storm, the other Kuwaiti bank is now unblocked, and CHIPS will accommodate it as soon as the bank's business is reestablished. Throughout the war in the Persian Gulf, CHIPS also was concerned about the other banks in the region, including some in Jordan and Israel. That gives an idea how important CHIPS is to the world of international funds transfers. Here's more evidence: The network, formed in 1970 to replace paper checks with electronic signals for the exchange and settlement of international dollar transactions among U.S. and foreign banks, now handles more than 95% of all dollar payments that move between countries throughout the world. That represents an average of close to $1 trillion in business payments every day. Another indication of the system's clout occurred in mid-March when John Lee received word that the General Accounting Office was urging the Federal Reserve and the Treasury Department to assume direct control of the New York Clearing House Association, including CHIPS and the New York Automated Clearing House. The GAO, Lee was told, wanted the request for Fed control to be inserted into the bank restructuring legislation that was about to be sent to Congress. A week later, however, Lee was informed that the request was not incorporated into the bill after all. While Lee was relieved, he nevertheless believes that the issue is sure to come up again. He adds that the Fed may claim that the clearing house is getting too big. No one has said we're not doing it right; they just say, when you get this big, the government has to control it, he says. We've been successful in doing what we do because we're in the private sector. I don't think there's any possibility that we could continue running CHIPS and the [automated clearing house] the way they have been running if we were under direct Fed control. Lee is quick to point out, however, that the New York Federal Reserve Bank has been accommodating and cooperative with the clearing house in helping to run CHIPS and the New York Automated Clearing House (NYACH). From checks to CHIPS. Since its founding in 1873, the New York Clearing House Association has blazed a path of innovation in the complex world of payments. its first role was to simplify the settlement process among its original member banks by centralizing the exchange of checks and other financial documents. …" @default.
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• W293313387 date "1991-05-01" @default.
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• W293313387 title "Keeping CHIPS Safe ... and Private" @default.
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