,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bbdc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bd1 #bjai,mr4   
,van ,holl5 7= himself & ,ms4 ,w>r57    
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,exp$it$ ,funds      
,availability ,act to require t funds   
deposit$ be available = )drawal 9       
real-"t1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,paym5ts
 ,mod]nization ,act ( #bjai 4  #b4      
,f9d+s & purposes  7a7 ,f9d+s ,congress 
f9ds ! foll[+3  7#a7 ,families 9 !      
,unit$ ,/ates sp5d billions ( doll>s 9  
ov]draft fees 9 "p because !y are wait+ 
= *ecks to cle> ov] a week5d or holiday4
  7#b7 ,! ineffici5t paym5t sy/em 9 !   
,unit$ ,/ates drives families1          
especially ^? liv+ pay*eck to pay*eck1  
to use high-co/ f9ancial s]vices to     
access funds m rapidly4  7#c7 ,a fa/]   
paym5t sy/em w\ld provide p ( ! ,unit$  
,/ates imm$iate access to funds & relief

 = ^? :o ov]draw _! acc\nts because _!  
deposits are n available 9 real-"t1     
help+ families pot5tially save billions 
( doll>s ea* ye>4  7#d7 ,! ,unit$ ,/ates
 lags beh9d o!r c\ntries 9 ! spe$ &     
effici5cy ( its paym5t sy/em4  7#e7     
,c5tral banks ar\nd ! _w h already      
implem5t$ real-"t paym5t sy/ems1 includ+
 9 ! ,unit$ ,k+dom1 ,au/ralia1 ,mexico1 
,pol&1 ,japan1 & ,s\? ,africa4  7#f7 ,! 
,f$]al ,res]ve ,sy/em 0 creat$ by       
,congress on ,decemb] #bd1 #aiac1 9     
response to ! f9ancial panic ( #aijg4   
7#g7 ,s9ce its beg9n+1 ! ,f$]al ,res]ve 
,sy/em has play$ a crucial role 9 !     
paym5t sy/em ( ! ,unit$ ,/ates4  7#h7 ,!
 role ( ! ,f$]al ,res]ve ,sy/em 9       
provid+ paym5t s]vices is-- 7,a7 to     
promote ! integrity & effici5cy ( !     
paym5t me*anism2 &  7,b7 to ensure !    
provision ( paym5t s]vices to all       
depository in/itutions on an equitable  
basis & 9 an atmosph]e ( competitive    
fairness4  7#i7 ,! ,monet>y ,control    
,act ( #aihj 7title ,i ( ,public ,law   

#if-bba2 #id ,/at4 #acb7 provid$ ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em )
 ! au?ority to ov]see ! paym5t sy/em 9 !
 ,unit$ ,/ates4  7#aj7 ,! ,exp$it$      
,funds ,availability ,act 7#ab ,u4,s4,c4
 #djja et seq471 enact$ on ,augu/ #aj1  
#aihg1 provid$ ! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em ) full au?ority to
 regulate all aspects ( ! paym5t sy/em1 
includ+ ! receipt1 paym5t1 collection1  
cle>+ ( *ecks1 & relat$ functions ( !   
paym5t sy/em p]ta9+ to *ecks4  7#aa7 ,9 
a ,july #bjah report on f9ancial        
te*nology1 ! ,dep>tm5t ( ,treasury      
ackn[l$g$ ! important role ( ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em 9   
br++ real-"t paym5t settlem5t s]vices to
 ! ,unit$ ,/ates :5 ! ,dep>tm5t         
recomm5d$ ! ,bo>d ( ,gov]nors "w to     
facilitate a fa/] retail paym5t sy/em1 9
 p>ticul>1 = small] f9ancial in/itutions
 su* z community banks & cr$it unions1  
not+ t su* in/itutions %\ld also h !    
ability to access ! mo/ innovative      
te*nologies & paym5t s]vices4  7#ab7 ,! 

au?orities describ$ 9 p>agraphs 7#i7 &  
7#aj7 are m critical ?an ev] giv5 h[ !  
f9ancial s]vices sector has be5 def9$ z 
a vital compon5t ( critical             
infra/ructure 9 ! ,unit$ ,/ates4  7#ac7 
,! role ( ! ,bo>d ( ,gov]nors ( ! ,f$]al
 ,res]ve ,sy/em 9 ! f9ancial s]vices    
sector w ensure ! resili5cy ( ! paym5t  
sy/em 9 ! ,unit$ ,/ates4  7#ad7 ,! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em  
%\ld develop a real-"t int]bank paym5t  
sy/em to ensure t--  7,a7 consum]s are  
prioritiz$2  7,b7 consum]s & small      
bus9esses are protect$ f fraud & errors1
 includ+ ) respect to a paym5t initiat$ 
by a consum] or small bus9ess2  7,c7 !  
paym5t sy/em is op5 to increas$         
competition2 &  7,d7 outsiz$ entities d 
n monopolize ! f9ancial infra/ructure ( 
! ,unit$ ,/ates4  7b7 ,purposes ,!      
purposes ( ?is ,act are-- 7#a7 to ensure
 t ! ,unit$ ,/ates has a safe1 fa/1     
effici5t1 equitable1 & fair paym5t      
sy/em2  7#b7 to cl>ify t ! ,bo>d (      
,gov]nors ( ! ,f$]al ,res]ve ,sy/em has 

! exi/+ au?ority to build a real-"t     
paym5t sy/em2 &  7#c7 to make c]ta9 t ! 
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em foll[s ?r\gh on implem5t+ ! sy/em
 describ$ 9 p>agraph 7#b74  #c4         
,def9ition ,9 ?is ,act1 ! t]m real-"t   
has ! mean+ giv5 ! t]m 9 section #fjb ( 
! ,exp$it$ ,funds ,availability ,act    
7#ab ,u4,s4,c4 #djja71 z am5d$ by       
section #d7;a7 ( ?is ,act4  #d4         
,requirem5t t funds deposit$ be         
available = )drawal 9 real-"t  7a7      
,def9itions  7#a7 ,9 g5]al ,section #fjb
 ( ! ,exp$it$ ,funds ,availability ,act 
7#ab ,u4,s4,c4 #djja7 is am5d$-- 7,a7 by
 r$esignat+ p>agraphs 7#bj7 ?r\gh 7#be7 
z p>agraphs 7#ba7 ?r\gh 7#bf71          
respectively2 &  7,b7 by ins]t+ aft]    
p>agraph 7#ai7 ! foll[+3  7#bj7 ,real-"t
 ,! t]m real-"t--  7,a7 means any "t2 & 
7,b7 includes a ,saturday1 ,sunday1 & a 
legal holiday4  4  7#b7 ,te*nical &     
con=m+ am5dm5t ,section #c ( ! ,*eck    
,cle>+ = ! #ba/ ,c5tury ,act 7#ab       
,u4,s4,c4 #ejjb7b77;,d77iv77 is am5d$ by

 /rik+ section #fjb7bd7 & ins]t+ section
 #fjb7be74  7b7 ,exp$it$ funds          
availability s*$ules ,section #fjc ( !  
,exp$it$ ,funds ,availability ,act 7#ab 
,u4,s4,c4 #djjb7 is am5d$-- 7#a7 9      
subsection 7a7--  7,a7 9 ! subsection   
head+1 by /rik+ ,next ,bus9ess ,day &   
ins]t+ ,real-"t2  7,b7 9 p>agraph 7#a7--
  7i7 by /rik+ ,except z provid$ 9      
subsection 7e7 & 9 section #fjd1 9 &    
ins]t+ ,92 &  7ii7 9 ! matt] foll[+     
subp>agraph 7,b7 by /rik+ n lat] ?an !  
bus9ess day aft] ! bus9ess day on :i* & 
ins]t+ 9 real-"t :52 &  7,c7 9 p>agraph 
7#b71 9 ! matt] prec$+ subp>agraph 7,a71
 by /rik+ n lat] ?an ! bus9ess day aft] 
! bus9ess day on :i* & ins]t+ 9 real-"t 
aft]2 &  7#b7 by /rik+ subsection 7b7 & 
ins]t+ ! foll[+3  7b7 ,p]man5t ,s*$ule  
,funds deposit$ 9 an acc\nt at a        
depository in/itution by a *eck drawn on
 a local or nonlocal orig9at+ depository
 in/itution %all be available = )drawal 
9 real-"t4  2  7#c7 by /rik+ subsection 
7c72  7#d7 by /rik+ subsection 7d72     

7#e7 by r$esignat+ subsections 7e7 & 7f7
 z subsections 7c7 & 7d71 respectively2 
7#f7 9 subsection 7c71 z r$esignat$ by  
p>agraph 7#e7--  7,a7 9 p>agraph 7#a7-- 
7i7 9 subp>agraph 7,a7--  7,i7 by /rik+ 
,n m ?an #d bus9ess days %all int]v5e   
betwe5 ! bus9ess day a & ins]t+ ,a2     
7,,ii7 by ins]t+ a comma aft]           
subp>agraph 7,b72  7,,iii7 by /rik+ is2 
&  7,,iv7 by /rik+ & ! bus9ess day on   
:i* funds f su* deposit are available = 
)drawal & ins]t+ %all be available =    
)drawal 9 real-"t2 &  7ii7 9 subp>agraph
 7,b71 9 ! subp>agraph head+1 by /rik+  
p>agraph & ins]t+ subp>agraph2 &  7,b7 9
 p>agraph 7#b7--  7i7 by /rik+ 1 7b71 & 
7c7 & ins]t+ & 7b72 &  7ii7 9 ! p>agraph
 head+1 by /rik+ tempor>y & p]man5t     
s*$ules & ins]t+ p]man5t s*$ule2 &  7#g7
 9 subsection 7d77#b71 z r$esignat$ by  
p>agraph 7#e71 by /rik+ 7c71 or 7e7 &   
ins]t+ or 7c74  7c7 ,safegu>d exceptions
 ,section #fjd ( ! ,exp$it$ ,funds      
,availability ,act 7#ab ,u4,s4,c4 #djjc7
 is am5d$--  7#a7 9 subsection 7a7--    

7,a7 9 p>agraph 7#a7--  7i7 9 ! p>agraph
 head+ by /rik+ ,next bus9ess day &     
ins]t+ ,real-"t2 &  7ii7 9 ! matt]      
foll[+ subp>agraph 7,d7 by /rik+ on !   
bus9ess day aft] ! bus9ess day on :i*   
su* ca% or funds are deposit$ or1 9 !   
case ( a wire transf]1 on ! bus9ess day 
aft] ! bus9ess day on :i* & ins]t+ 9    
real-"t aft] su* ca% or funds are       
deposit$ or1 9 ! case ( a wire transf]1 
9 real-"t aft]2  7,b7 9 p>agraph 7#b7-- 
7i7 by /rik+ 1 #fjc7;c71 or p>agraphs & 
ins]t+ p>agraph2 &  7ii7 by /rik+       
#fjc7;e7 & ins]t+ #fjc7;c72 &  7,c7 by  
/rik+ p>agraph 7#c77;,b7 & ins]t+ !     
foll[+3  7,b7 any su* funds deposit$ 9  
excess ( su* am\nt %all be available =  
)drawal 9 real-"t4  2  7#b7 9 subsection
 7b71 9 ! matt] prec$+ p>agraph 7#a71 by
 /rik+ 7c71 or 7e7 & ins]t+ or 7c72     
7#c7 9 subsection 7c77#a71 by /rik+ 7c71
 & 7e7 & ins]t+ & 7c72 &  7#d7 9        
subsection 7d71 by /rik+ 7c71 & 7e7 &   
ins]t+ & 7c74  7d7 ,miscellane\s        
provisions ,section #fjg ( ! ,exp$it$   

,funds ,availability ,act 7#ab ,u4,s4,c4
 #djjf7 is am5d$-- 7#a7 by /rik+        
subsections 7a7 & 7b72 &  7#b7 by       
r$esignat+ subsections 7c7 ?r\gh 7f7 z  
subsections 7a7 ?r\gh 7d71 respectively4
  7e7 ,regulations & reports by ,bo>d   
,section #fji ( ! ,exp$it$ ,funds       
,availability ,act 7#ab ,u4,s4,c4 #djjh7
 is am5d$--  7#a7 by /rik+ subsections  
7d7 & 7f72 &  7#b7 by r$esignat+        
subsection 7e7 z subsection 7d74  #e4   
,paym5ts m&ate ,! ,f$]al ,res]ve %all   
create a real-"t paym5t sy/em t-- 7#a7  
at a m9imum1 con=ms ) ! pr9ciples outl9$
 9 ! f9al report ( ! ,fa/] ,paym5ts     
,task ,=ce ( ! ,f$]al ,res]ve ,sy/em2   
7#b7 all[s end us]s h fa/ access to     
funds 9 real-"t2  7#c7 op]ates z a      
utility1 all[+ end us]s to rea* any o!r 
end us]1 includ+ unbank$1 und]s]v$ &    
cross-bord] end us]s1 reg>dless ( !     
solution us$ by ! end us]2  7#d7        
prioritizes safety & s\ndness1 consum]  
heal?1 effici5cy1 & o!r relevant public 
int]e/ consid]ations2  7#e7 provides end

 us]s ) ! confid5ce & tru/ 9 ! safety & 
security ( ! sy/em by ensur+ t--  7,a7  
fraud & errors are m9imiz$ & resolv$    
quickly2 &  7,b7 ! assets1 acc\nts1 &   
in=mation ( ! end us] are protect$1 ev5 
z paym5ts cross diff]5t solutions2  7#f7
 has transp>5t op]at+ in=mation2 &  7#g7
 ensures t !re are no volume disc\nts   
made t disadvantage small] f9ancial     
in/itutions4