,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #cici  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bd1 #bjai ,mr4 
,budd introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em  
to c>ry out a quantitative impact /udy (
 any propos$ real-"t paym5t sy/em "u !  
,fa/] ,paym5ts ,initiative be=e         
implem5t+ su* sy/em4  #a4 ,quantitative 
impact /udy requirem5t  7a7 ,9 g5]al ,! 
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em may n take any /eps to develop1  
build1 or o!rwise implem5t any propos$  
real-"t paym5t sy/em or any compon5t    
!re( 7includ+ a settlem5t s]vice1       
liquidity managem5t s]vice1 or auxili>y 
s]vices7 "u ! ,fa/] ,paym5ts ,initiative
 until aft] ! end ( ! #a-ye> p]iod      
beg9n+ on ! date t ! ,bo>d ( ,gov]nors  
issues a detail$ report to ! ,congress  
on a compreh5sive /udy ( ! propos$      
real-"t paym5t sy/em t includes a       
quantitative impact compon5t4  7b7      

,cont5ts ( /udy ,! /udy describ$ "u     
subsection 7a7 %all include ! foll[+3   
7#a7 ,any cyb]security1 privacy conc]ns1
 or o!r risks associat$ ) ! ,f$]al      
gov]nm5t receiv+ & manag+ new           
transaction-level in=mation reg>d+      
millions ( ,am]ican citiz5s1 includ+ a  
?reat assessm5t4  7#b7 ,:e!r ! ,bo>d (  
,gov]nors w\ld be subject to privacy &  
security laws & regulations su* z !     
,fair ,cr$it ,report+ ,act & !          
,gramm-,lea*-,bliley ,act1 l o!r paym5t 
processors4  7#c7 ,:]e cu/om] in=mation 
w\ld be /or$4  7#d7 ,:o w\ld ov]see su* 
in=mation4  7#e7 ,:e!r ! ,bo>d (        
,gov]nors w\ld create a database to view
 cu/om] transactions4  7#f7 ,an analysis
 ( :e!r ! private sector c provide !    
sy/em or a*ieve ! objectives ( ! sy/em )
 reasonable effectiv5ess1 scope1 &      
equity4  7#g7 ,:e!r ! ,bo>d ( ,gov]nors 
has conclud$ t ! private sector _c      
a*ieve ! objectives t ! ,bo>d (         
,gov]nors seeks to a*ieve ) ! sy/em4    
7#h7 ,! pot5tial adv]se consequ5ces to !

 private sector 9 ! %ort t]m & ! long if
 ! ,bo>d ( ,gov]nors (f]s ! sy/em4  7#i7
 ,:e!r ! ,bo>d ( ,gov]nors c\ld a*ieve !
 ,bo>d's objectives )\t (f]+ ! sy/em1 b 
r by mak+ *anges to its curr5t          
infra/ructure1 = example by exp&+ !     
op]at+ h\rs ( ! ,national ,settlem5t    
,s]vice or enhanc+ ! ,automat$ ,cle>+   
,h\se's same-day paym5t capabilities or 
mod]niz+ ! ,automat$ ,cle>+ ,h\se to    
s]ve z a backup to ! exi/+ op]at+       
network4  7#aj7 ,h[ ! ,bo>d ( ,gov]nors 
w\ld collaborate ) ! private sector to  
ensure int]op]ability4  7#aa7 ,z a      
regulator ( depository in/itutions & _! 
hold+ companies1 h[ ! ,bo>d ( ,gov]nors 
w\ld ensure t ! ,bo>d does n ex]t undue 
influ5ce ov] su* in/itutions & hold+    
companies to use ! sy/em4  7#ab7 ,h[ !  
,bo>d ( ,gov]nors w\ld ensure t ! sy/em 
w\ld be available to all depository     
in/itutions1 includ+ community banks1 & 
cr$it unions1 9 a mann] t is n co/      
prohibitive4  7#ac7 ,! e/imate ( ! ,bo>d
 ( ,gov]nors =-- 7,a7 h[ long x w\ld    

take to build ! infra/ructure & beg9    
op]ation ( ! sy/em2  7,b7 h[ mu* ! sy/em
 w\ld co/2  7,c7 ! annual op]at+ co/ ( !
 sy/em2 &  7,d7 h[ long x w\ld take = ! 
,bo>d to recov] ! co/s ( build+ ! sy/em4
  7#ad7 ,a /udy ( ! quantitative impact 
( ea* ( ! factors 9 p>agraphs 7#a7 ?r\gh
 7#ac71 z applicable4