US Reps. Young Kim (R-CA) and Sam Liccardo (D-CA) introduced the bipartisan Payments Access and Consumer Efficiency (PACE) Act on Tuesday, proposing a federal framework that would give fintechs and crypto companies direct access to Federal Reserve payment rails.

The bill targets a longstanding bottleneck in US payments. Currently, only legacy banks can connect directly to the Fed’s clearing and settlement systems, charging nonbank providers markups of up to 100 times the Fed’s own per-item fee, according to the bill’s fact sheet.

Under the proposed law, qualified nonbank payment companies could register for an optional federal supervisory framework administered by the Office of the Comptroller of the Currency (OCC).