Facts Matter: New Fed service isn't government plan to replace cash with digital currency
The Federal Reserve is set to launch a service in July that is intended to allow banks and credit unions to expedite the transfer of funds.
As it gets closer to the launch, social media users are falsely claiming this is the government's attempt to get rid of physical money and replace it with digital currency.
But FedNow, a service first announced in 2019, is not a form of currency and there are no plans to eliminate cash, according to The Associated Press.
"The rapid evolution of technology presents a pivotal opportunity for the Federal Reserve and the payment industry to modernize the nation's payment system and establish a safe and efficient foundation for the future," the Board of Governors of the Federal Reserve System said in an Aug. 5, 2019 news release.
FedNow Service will allow people to access their accounts and transfer money instantly, any time of the day or week, while banks and credit unions can increase the speed in which they process electronic transactions.
"FedNow has nothing to do with replacing cash," Aaron Klein, senior fellow in economic studies at the Brookings Institution, told the AP. "It is an upgrade to the decades old payment system."
In response to the false claims, the Federal Reserve, in an April 7 tweet, posted a section of its FAQs, explaining FedNow as a payment service with no intention to replace cash.
Bud Light team not fired
Anheuser-Busch recently partnered with transgender social media influencer Dylan Mulvaney to promote its Bud Light beer brand. That decision has been met with transphobic commentary and pushback from conservatives.
Recent posts claim the move also had repercussions for the company's employees.
"Anheuser Busch Fires Its Entire Marketing Department After 'Worst Mistake In Bud Light History,'" reads an April 6 tweet that was viewed more than 1.2 million times.
But this post is false. It's based on a satirical story.
An Anheuser-Busch spokesperson told Reuters the organization hasn't fired its marketing team, or anyone at company, because of the campaign.
The article that generated the false posts originated on the satirical website Dunning-Kruger Times. The website identifies itself as being part of a network of parody and satire sites.
Fox News covered shooting
An April 10 shooting at a bank in Louisville, Kentucky, left five people dead, in addition to the shooter, identified as Connor Sturgeon, 25, who was killed by police.
Those who died in the shooting are Tommy Elliott, who was prominent in Democratic politics; Joshua Barrick, who coached basketball for first and second graders; Juliana Farmer, a loan officer, mother and grandmother; James Tutt, who worked in banking for more than 38 years; and Deana Eckert, a mother of two, who died later at the hospital.
While cable news networks covered the tragic event, some social media users said Fox News was presenting a different story.
Posts claimed that during the aftermath of the shooting, Fox News was broadcasting a story about a new chicken sandwich at Popeyes restaurants.
An image included with the posts shows a Popeyes fried chicken sandwich and the headlines "Chicken Sandwich Wars," and "Popeyes Announces New Sandwich."
But this image is fake, according to The Associated Press.
The network covered the event beginning midmorning on the East Coast. Fox News spokesperson Sofie Watson confirmed to the AP that the station covered the Kentucky mass shooting.
The purported screenshot of the Fox News broadcast actually shows Popeyes' crispy chicken sandwich, which was released in 2019. The text at the bottom of the screen appears to be from a 2019 story on trade and climate summits in Chile.
Also, Popeyes has not announced any new sandwiches lately, the AP said.
Hillary Clinton wasn't indicted
Former President Donald Trump was indicted in a New York court recently. A social media post earlier this month claims the person he defeated in the 2016 presidential election also was charged.
"Hillary Clinton INDICTED as Rand Paul REVEALS shocking evidence EXPOSING her," reads the text in an April 7 Facebook post, which includes a video.
But there is no evidence Clinton was indicted, according to PolitiFact. She has recently been active on social media, although she hasn't posted anything about an indictment.
The 12-minute video is made up of two clips of Paul in 2016 saying Clinton should be indicted and a clip of Ohio Rep. Jim Jordan talking about Clinton's emails.
• Bob Oswald is a veteran Chicago-area journalist and former news editor of the Elgin Courier-News. Contact him at boboswald33@gmail.com.