A vision for the future
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Name: Vincent M. Sexton
Area of Expertise: Advocate/Voice of the People
Topic: Economic structures
Headline: The Three-Five Day "FLOAT"
Nutshell: Financial institutions will have to "cut" back the number of float days that it takes a financial transaction to process.
Vision: With newer technologies money is transeferred from one account to another in an instant. Because of this, financial institutions can make tremendous amounts of money during the transaction. Cutting the float date down to one to two days would sharply limit the amount of money earned from interest in the "float" period (three to ten days). However, I would imagine that there might be some opposition to this.
Date Submitted: 1/13/2006