,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cibh  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bd1 #bjai ,mr4
 ,riggleman introduced the following    
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to require the ,board of       
,governors of the ,federal ,reserve to  
satisfy certain requirements before     
providing any new payment service1 or   
substantially changing or expanding any 
existing payment service1 and for other 
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,federal ,reserve   
,accountability and ,justification ,act4
  #b4 ,payment services ,section #aa;,a 
of the ,federal ,reserve ,act 7#ab      
,u4,s4,c4 #bdh;a7 is amended by adding  
at the end the following3  7f7 ,payment 
service  7#a7 ,in general ,the ,board   
may not provide any new payment service1
 or substantially change or expand any  
existing payment service unless the     
,board determines that--  7,a7 any costs
 associated with such service will be   

recovered2  7,b7 providing such service 
will yield a clear public benefit1 such 
as promoting the integrity of the       
payments system1 improving the          
effectiveness of financial markets1     
reducing the risk associated with       
payments and securities-transfer        
services1 or improving the efficiency of
 the payments system2  7,c7 no other    
providers can be expected to provide    
such service with reasonable            
effectiveness1 scope1 and equity2 and   
7,d7 other providers are able to compete
 with the ,federal ,reserve ,banks in   
offering such service1 based on a       
competitive impact study4  7#b7         
,reasonable effectiveness1 scope1 and   
equity  7,a7 ,in general ,for the       
purposes of paragraph #a7;,a71 the      
,board shall determine that other       
providers can be expected to provide    
such service with reasonable            
effectiveness1 scope1 and equity if the 
,board has found that other providers-- 
7i7 offer a service that substantially  

performs the material functions of such 
service that the ,board would provide   
and offer the service to member and     
nonmember depository institutions on    
nondiscriminatory terms1 regardless of  
the size of the institution2 or  7ii7   
are capable within a reasonable time of 
offering a service that substantially   
performs the material functions of such 
service that the ,board would provide   
and of offering the service to member   
and nonmember depository institutions on
 nondiscriminatory terms1 regardless of 
the size of the institution4  7,b7      
,central bank money ,the ability of the 
,board to settle interbank obligations  
using balances at the central bank 7also
 referred to as central bank money7     
shall not alone be sufficient to support
 a determination by the ,board that     
other providers alone cannot be expected
 to provide such service with reasonable
 effectiveness1 scope1 and equity4  7#c7
 ,exception ,the service offered by the 
,board known as the ,federal ,funds     

,wire ,service is not subject to the    
requirements of this subsection4  7#d7  
,final rule ,the ,board shall publish in
 the ,federal ,register1 in accordance  
with section #eec of title #e of the    
,united ,states ,code1 a final rule that
 states any determination made pursuant 
to paragraph 7#a7 and explains the basis
 for such determination4  7#e7 ,judicial
 review  7,a7 ,in general ,any person   
adversely affected or aggrieved by a    
failure of the ,board to properly make a
 determination under this subsection    
before providing a new payment service  
or substantially changing or expanding  
an existing payment service is entitled 
to judicial review thereof4  7,b7       
,deference ,a court may not give        
deference to the ,board when conducting 
a review under this paragraph4  4