President Donald Trump has signed an Executive Order to modernize federal payments - switching from old-fashioned paper-based payments to fast, secure electronic payments.
The Order makes it mandatory that from September 30, the Federal government will cease issuing paper checks for all disbursements, including intra-governmental payments, benefits, vendor payments, and tax refunds.
All executive departments and agencies must transition to modern, electronic funds transfer (EFT) methods like direct deposit, debit/credit card payments, digital wallets, and real-time transfers.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.