In practice the new system meant arrears could accumulate for as long as three months before the landlord receives the first payment directly from the local authority, it said.

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As part of any larger reform, the Congress should consider granting the Federal Reserve explicit oversight authority for systemically important payment and settlement systems.

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If the debt ceiling is not raised, the US government will not have the spending authority to meet current payment obligations like federal employee salaries, health and retirement benefits.

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In so doing, they gave unprecedented authority to unelected experts to make Medicare payment policy involving hundreds of billions of dollars and impacting tens of millions of seniors.

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The local authority had threatened to take action should that regular payment not arrive.

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