To respond as quickly as possible in a given task is a widely used instruction in cognitive neuroscience; however, the neural processes modulated by this common experimental procedure remain largely elusive. We investigated the underlying neurophysiological processes combining electroencephalography (EEG) signal decomposition (residue iteration decomposition, RIDE) and source localization. We show that trial-based response speed instructions enhance behavioral performance in conflicting trials, but slightly impair performance in nonconflicting trials. The modulation seen in conflicting trials was found at several coding levels in EEG data using RIDE. In the S-cluster N2 time window, this modulation was associated with modulated activation in the posterior cingulate cortex and the superior frontal gyrus. Furthermore, in the C-cluster P3 time window, this modulation was associated with modulated activation in the middle frontal gyrus. Interestingly, in the R-cluster P3 time window, this modulation was strongest according to statistical effect sizes, associated with modulated activity in the primary motor cortex. Reaction-time feedback mainly modulates response motor execution processes, whereas attentional and response selection processes are less affected. The study underlines the importance of being aware of how experimental instructions influence the behavior and neurophysiological processes.