,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #cici  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bd1 #bjai ,mr4
 ,budd 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 ,system to carry out a
 quantitative impact study of any       
proposed real-time payment system under 
the ,faster ,payments ,initiative before
 implementing such system4  #a4         
,quantitative impact study requirement  
7a7 ,in general ,the ,board of          
,governors of the ,federal ,reserve     
,system may not take any steps to       
develop1 build1 or otherwise implement  
any proposed real-time payment system or
 any component thereof 7including a     
settlement service1 liquidity management
 service1 or auxiliary services7 under  
the ,faster ,payments ,initiative until 
after the end of the #a-year period     
beginning on the date that the ,board of
 ,governors issues a detailed report to 

the ,congress on a comprehensive study  
of the proposed real-time payment system
 that includes a quantitative impact    
component4  7b7 ,contents of study ,the 
study described under subsection 7a7    
shall include the following3  7#a7 ,any 
cybersecurity1 privacy concerns1 or     
other risks associated with the ,federal
 government receiving and managing new  
transaction-level information regarding 
millions of ,american citizens1         
including a threat assessment4  7#b7    
,whether the ,board of ,governors would 
be subject to privacy and security laws 
and regulations such as the ,fair       
,credit ,reporting ,act and the         
,gramm-,leach-,bliley ,act1 like other  
payment processors4  7#c7 ,where        
customer information would be stored4   
7#d7 ,who would oversee such            
information4  7#e7 ,whether the ,board  
of ,governors would create a database to
 view customer transactions4  7#f7 ,an  
analysis of whether the private sector  
can provide the system or achieve the   

objectives of the system with reasonable
 effectiveness1 scope1 and equity4  7#g7
 ,whether the ,board of ,governors has  
concluded that the private sector cannot
 achieve the objectives that the ,board 
of ,governors seeks to achieve with the 
system4  7#h7 ,the potential adverse    
consequences to the private sector in   
the short term and the long if the      
,board of ,governors offers the system4 
7#i7 ,whether the ,board of ,governors  
could achieve the ,board's objectives   
without offering the system1 but rather 
by making changes to its current        
infrastructure1 for example by expanding
 the operating hours of the ,national   
,settlement ,service or enhancing the   
,automated ,clearing ,house's same-day  
payment capabilities or modernizing the 
,automated ,clearing ,house to serve as 
a backup to the existing operating      
network4  7#aj7 ,how the ,board of      
,governors would collaborate with the   
private sector to ensure                
interoperability4  7#aa7 ,as a regulator

 of depository institutions and their   
holding companies1 how the ,board of    
,governors would ensure that the ,board 
does not exert undue influence over such
 institutions and holding companies to  
use the system4  7#ab7 ,how the ,board  
of ,governors would ensure that the     
system would be available to all        
depository institutions1 including      
community banks1 and credit unions1 in a
 manner that is not cost prohibitive4   
7#ac7 ,the estimate of the ,board of    
,governors for-- 7,a7 how long it would 
take to build the infrastructure and    
begin operation of the system2  7,b7 how
 much the system would cost2  7,c7 the  
annual operating cost of the system2 and
  7,d7 how long it would take for the   
,board to recover the costs of building 
the system4  7#ad7 ,a study of the      
quantitative impact of each of the      
factors in paragraphs 7#a7 through      
7#ac71 as applicable4