,i #aagth ,,congress #b;d ,session ,h4 ,r4 #gbca ,,in ,,the ,,house ,,of ,,representatives ,march #bh1 #bjbb,mr4 ,lynch 7for himself1 ,mr4 ,garca of ,illinois1 ,ms4 ,pressley1 ,ms4 ,adams1 and ,ms4 ,tlaib7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to direct the ,secretary of the ,treasury to develop and pilot digital dollar technologies that replicate the privacy-respecting features of physical cash4 #a4 ,short title ,this ,act may be cited as the ,electronic ,currency ,and ,secure ,hardware ,act or the ,,ecash ,act4 #b4 ,definitions ,in this ,act3 7#a7 ,,ecip ,the term ,,ecip means the ,electronic ,currency ,innovation ,program established under section #d4 7#b7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 #c4 ,electronic dollar 7a7 ,establishment ,the ,secretary of the ,treasury shall promote and facilitate the development and deployment of an electronic version of the ,united ,states dollar for use by the general public that replicates and preserves the privacy1 anonymity-respecting1 and minimal transactional data-generating properties of physical currency instruments such as coins and notes to the greatest extent technically and practically possible4 7b7 ,electronic dollar requirements ,the electronic dollar described under subsection 7a7 shall be-- 7#a7 known as e-cash2 7#b7 payable to bearer2 7#c7 legal tender1 as described in section #eajc of title #ca1 ,united ,states ,code2 7#d7 an obligation of the ,united ,states1 as described in section #h of title #ah1 ,united ,states ,code2 7#e7 created and issued into circulation by the ,department of the ,treasury1 in such quantities1 denominations1 and technical forms as the ,secretary1 in the ,secretary's discretion1 determines to be appropriate2 7#f7 distributed directly to1 and capable of being owned1 held1 and used directly by1 the general public2 7#g7 capable of instantaneous1 final1 direct1 peer-to-peer1 offline transactions using secured hardware devices that do not involve or require subsequent or final settlement on or via a common or distributed ledger1 or any other additional approval or validation by the ,united ,states ,government or any other third-party payments processing intermediary2 7#h7 inter-operable with all existing financial institution and payment provider systems and generally accepted payments standards and network protocols1 as well as other public payments programs1 including the ,u4,s4 ,debit ,card and ,digital ,pay ,program and the ,eagle,cash card program of the ,department of the ,treasury and any other digital dollar or public banking products2 7#i7 classified and regulated in a manner similar to physical currency for the purposes of anti-money laundering1 know-your-customer1 counter-terrorism1 and transaction reporting laws1 and thus not subject to third-party exemptions to a reasonable expectation of privacy2 7#aj7 designed1 issued1 and administered to be consistent with-- 7,a7 the statutory objectives articulated in subsection 7c71 as well as any rules1 standards1 and criteria enacted to further those objectives2 7,b7 the consumer protections articulated in subsection 7d71 as well as any rules1 standards1 and criteria enacted to further those protections2 and 7,c7 any and all other technical and policy criteria established by this ,act or by the ,secretary or ,director under the authority granted to them under this ,act2 7#aa7 distinguishable from other forms of electronic currency issued by or on behalf of the ,united ,states ,government1 including any such forms that-- 7,a7 are issued by a department1 branch1 agency1 or instrumentality of the ,united ,states ,government other than the ,department of the ,treasury1 including such forms of central bank digital currency as may be issued by the ,board of ,governors of the ,federal ,reserve ,system or its designated agents2 7,b7 are legally classified as an account balance or any other kind of financial instrument not payable to bearer or that otherwise require identification and account or device registration to hold1 access1 or use2 7,c7 are not distributed directly to1 or otherwise capable of being owned1 held1 or used directly by1 the general public2 7,d7 fail to replicate and preserve the privacy1 anonymity-respecting1 and minimal transactional data-generating properties of physical currency instruments such as coins and paper notes to the greatest extent technically and practically possible2 and 7#ab7 not included in calculations of public debt subject to limit under section #caja of title #ca1 ,united ,states ,code4 7c7 ,statutory objectives ,the ,secretary shall promulgate and enforce rules1 standards1 and criteria pertaining to the development and implementation of e-cash instruments1 devices1 technologies1 platforms1 and supporting and enabling infrastructure1 as well as the issuance1 dissemination1 circulation1 storage1 and use of e-cash balances1 including use in transactions1 in such a manner and to such an extent as the ,secretary determines to be necessary or appropriate to achieve the objectives of this ,act1 subject to the following conditions3 7#a7 ,ownership ,the ,secretary shall require that any and all e-cash instruments are capable of being owned1 held1 and used directly by the general public via widely available hardware devices1 without the necessary involvement of third-party custodial or payment processing intermediaries4 7#b7 ,privacy ,the ,secretary shall require that any hardware device authorized to hold or otherwise facilitate transactions involving e-cash shall be secured locally via cryptographic encryption and other appropriate technologies1 and shall not contain or be subject to any surveillance1 personal identification or transactional data-gathering1 or censorship-enabling backdoor features4 7#c7 ,universality ,the ,secretary shall prioritize wherever possible technologies1 practices1 and programs that promote universal access and usability1 particularly for-- 7,a7 individuals with disabilities1 including visual impairment2 7,b7 low-income individuals2 and 7,c7 communities with limited access to the internet or telecommunications networks4 7#d7 ,inclusion ,the ,secretary shall take into consideration the unique needs and circumstances of marginalized communities and populations that have historically been excluded from or otherwise prevented from taking full advantage of traditional and current financial institutions and payment services4 7#e7 ,transparency ,the ,secretary shall seek out and prioritize wherever practically feasible the use of hardware and software technologies issued under open-source licenses1 and shall further require that all publicly funded research and technology be released under a suitable open-source license and made available for study and review by the scientific community and the general public1 except to the extent that doing so would undermine or impair the security and integrity of e-cash devices or instruments4 7d7 ,consumer protections 7#a7 ,fees ,the ,government may charge reasonable prices when selling e-cash-compatible hardware 7henceforth e-cash devices7 directly to the public1 provided such prices are proportionate to1 and not unduly in excess of1 actual production and administration costs1 but may in no instance impose fees or other charges for holding1 receiving1 sending1 or otherwise transacting with e-cash balances using such devices4 7#b7 ,solicited issuance of e-cash hardware devices ,the ,government or an authorized e-cash distributor may issue an e-cash device to a member of the public only in response to an oral or written request for such device4 7#c7 ,solicited issuance of e-cash balances ,the ,government or an authorized e-cash distributor may issue e-cash instruments to a user only in response to an oral or written request to receive funds in the form of e-cash1 and any such requested funds shall be capable of being-- 7,a7 received in the form of an increase in the available balance of an existing e-cash device or as a balance on a newly issued e-cash device2 and 7,b7 paid for1 to the extent such instruments shall be paid for1 through delivery of physical currency or demand deposits at an interoperable exchange terminal4 7#d7 ,disclosures by e-cash distributors 7,a7 ,in general ,disclosures by the ,united ,states ,government and any third-party authorized to distribute e-cash devices or balances regarding usage1 fees1 interoperability1 security1 privacy1 data collection1 error resolution1 and any other terms considered relevant by the ,bureau of ,consumer ,financial ,protection shall be clear and readily understandable1 in writing1 and in a form the e-cash instrument bearer can reasonably maintain4 7,b7 ,form of disclosures ,disclosures described under subparagraph 7,a7 may be provided to the consumer in offline electronic form1 subject to compliance with the consumer-consent and other applicable provisions of the ,electronic ,signatures in ,global and ,national ,commerce ,act 7#ae ,u4,s4,c4 #gjja et seq474 7#e7 ,liability of issuers for unauthorized transfers ,neither the issuing entity nor any other ,government agencies or approved e-cash distributors shall be held liable for unauthorized transfer of e-cash balances1 so long as the appropriate disclosures and protections described in this ,act are made4 7#f7 ,fees by merchants ,it shall be unlawful for the ,united ,states ,government1 authorized e-cash distributors1 or any other person to impose a service fee or an interchange fee1 or other processing fee or surcharge1 for the use of e-cash in payments or purchases4 7#g7 ,bankruptcy ,e-cash instruments and balances shall be considered exempt property equivalent to physical currency for the purposes of ,chapter #g ,bankruptcy proceedings4 7#h7 ,transactional reporting ,under no circumstance1 regardless of the particular technology involved1 shall any transaction data generated by e-cash payments be collected1 monitored1 or retained by the ,united ,states ,government1 an authorized e-cash distributor1 or any other counterparty except via the exemptions provided by this ,act4 7#i7 ,preemption of inconsistent ,state laws ,state consumer laws are pre-empted unless the ,director of the ,bureau of ,consumer ,financial ,protection determines1 upon the ,director's own motion or upon the request of a ,state government1 but ultimately in the ,director's sole discretion1 that a ,state's consumer protection laws are not pre-empted4 7e7 ,requirement ,to accept ,e-,cash 7#a7 ,federal ,government ,the ,federal ,government shall-- 7,a7 accept e-cash for any payment to the ,federal ,government1 including payments for taxes1 fines1 and fees2 and 7,b7 upon request1 provide any ,federal ,government benefit in the form of e-cash4 7#b7 ,products and services ,any person selling products or services that accepts physical currency as a form of payment shall also accept e-cash as a form of payment to the extent it is practically feasible and reasonable to do so4 7f7 ,illicit flows 7#a7 ,presumption of legitimate use ,under no condition shall the acquisition1 possession1 or use of e-cash devices1 instruments1 and balances under the parameters established by this ,act be treated as prima facie or intrinsic evidence of criminal activity or intent1 nor be established as a predicate offense or factor in crimes not specified in or under the authority established by this ,act4 7#b7 ,including under the ,bank ,secrecy ,act 7,a7 ,in general ,section #ecab7;a77#c7 of title #ca1 ,united ,states ,code1 is amended-- 7i7 in subparagraph 7,c71 by striking and at the end2 7ii7 by redesignating subparagraph 7,d7 as subparagraph 7,e72 7iii7 by inserting after subparagraph 7,c7 the following3 7,d7 e-cash1 as defined under section #c of the ,,ecash ,act2 and 2 and 7iv7 in subparagraph 7,e71 as so redesignated1 by striking subparagraph 7,a71 7,b71 or 7,c7 and inserting subparagraph 7,a71 7,b71 7,c71 or 7,d74 7,b7 ,amendments to dollar thresholds ,at any time1 the ,director of ,,ecip may increase the value thresholds applicable to e-cash for any reporting requirement under subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code1 but may at no time decrease such value thresholds4 7g7 ,systemic liquidity ,the ,board of ,governors of the ,federal ,reserve ,system shall take appropriate measures to ensure that the implementation and adoption of e-cash does not disrupt or substantially impact the general availability or cost of liquidity for depository institutions1 credit unions1 or community development financial institutions1 or their capacity to extend credit and other financial services to underserved populations1 as described under the ,community ,reinvestment ,act of #aigg1 and any other applicable ,federal and ,state laws1 however such measures may in no way impair1 restrict1 or otherwise limit the ability of the public to access1 hold1 and use e-cash4 #d4 ,electronic ,currency ,innovation ,program 7a7 ,in general ,the ,secretary shall establish the ,electronic ,currency ,innovation ,program to direct1 oversee1 coordinate1 and harmonize the development1 implementation1 maintenance1 and regulation of e-cash instruments1 devices1 technologies1 platforms1 and supporting and enabling infrastructure in accordance with the technical and policy criteria established by this ,act4 7b7 ,director 7#a7 ,appointment 7,a7 ,in general ,the head of the ,,ecip shall be the ,director1 who shall be appointed by the ,president1 by and with the advice and consent of the ,senate4 7,b7 ,term ,the term of the ,director is #e years4 7,c7 ,removal ,the ,president may remove the ,director from office4 ,on removal1 the ,president shall send a message to the ,senate giving the reasons for removal4 7,d7 ,interim director ,when a ,director has not yet been confirmed or appointed1 the ,secretary may1 subject to the consent of the ,president1 appoint an ,interim ,director1 who shall enjoy the full powers and privileges of the ,director as established under this ,act until such time as a permanent ,director is confirmed and appointed4 ,in the event neither a ,director or ,interim ,director is appointed1 all responsibilities and duties assigned to the ,director under this ,act shall be assumed by the ,secretary4 7#b7 ,duties and powers ,the duties and powers of the ,director are as follows3 7,a7 ,promote innovation in1 and ensure the successful implementation and widespread adoption of1 e-cash instruments1 devices1 technologies1 platforms1 and supporting and enabling infrastructure in accordance with this ,act1 by-- 7i7 directing1 conducting1 sponsoring1 and publishing research2 7ii7 generating1 collecting1 analyzing1 and publishing data2 7iii7 acquiring1 developing1 disseminating1 and sharing open-access technologies and technical knowledge2 7iv7 developing and administering e-cash pilot programs1 both individually and in partnership with other actors and entities that the ,secretary determines appropriate2 7v7 promulgating1 and enforcing rules1 objectives1 standards1 and criteria pertaining to the development and implementation of e-cash instruments1 devices1 technologies1 platforms1 and supporting and enabling infrastructure1 as well as the issuance1 dissemination1 circulation1 storage1 and use of e-cash1 including its use in transactions2 7vi7 coordinating with other actors1 including other departments1 branches1 agencies1 and instrumentalities of the ,united ,states ,government1 as well as ,state1 local1 and foreign governments and international regulatory bodies1 in furtherance of the general goals of this ,act2 and 7vii7 developing and disseminating public educational materials and conducting public educational campaigns to foster awareness and understanding of e-cash and its economic and social significance in the broader monetary system4 7,b7 ,such other duties and powers as the ,secretary may delegate or prescribe4 7c7 ,staff1 equipment1 and facilities ,the ,director shall be authorized to hire staff1 purchase equipment1 and rent or acquire facilities as the ,director determines to be appropriate to achieve the goals and objectives established under this ,act1 subject to the approval of the ,secretary4 7d7 ,pilot programs 7#a7 ,establishment 7,a7 ,in general ,not later than #ij days after the enactment of this ,act1 the ,director shall initiate a two-phase e-cash pilot program in anticipation of general deployment of e-cash to the public not later than forty-eight months after the date of enactment of this ,act4 7,b7 ,phase #a ,phase #a of the pilot program shall consist of not less than three distinct pilots 7in this section referred to as ,proof-of-,concept ,pilots71 each of which shall launch no later than #ahj days after the date of enactment of this ,act1 and run for no longer than #cfj days thereafter4 7,c7 ,phase #b ,phase #b of the pilot program shall consist of at least one large-scale deployment to a segment of the public 7in this section referred to as ,field ,test ,pilots71 which shall launch no later than #b years after the enactment of this ,act1 and run for no longer than #b years thereafter4 7,d7 ,extension of timelines for pilot programs ,the timelines for the implementation of the two phases of the e-cash pilot program described in this paragraph may be extended upon a determination by the ,director that such an extension is necessary to ensure the security and integrity of the technologies to be piloted in the program4 7#b7 ,administration 7,a7 ,in general ,the pilot programs shall be administered by the ,director1 in coordination with the ,digital ,dollar ,council1 and subject to the ongoing oversight and review of the ,monetary ,privacy ,board4 7,b7 ,proof-of-,concept ,pilots ,proof-of-,concept ,pilots may be conducted-- 7i7 in partnership with one or more universities1 non-profit entities1 insured financial institutions1 non-bank payment providers aimed at promoting financial inclusion1 technology-focused financial firms and companies1 financial technology companies1 or foreign central banks2 and 7ii7 through1 or in partnership with1 any existing ,federal1 ,state1 or local government fund disbursement and payments program1 including those that rely on the ,u4,s4 ,debit ,card and ,digital ,pay ,program1 the ,eagle,cash ,card program1 or any other payments technology offered by or in partnership with the ,bureau of the ,fiscal ,service of the ,department of the ,treasury4 7,c7 ,field ,test ,pilots ,field ,test ,pilots may be conducted in partnership with any entity capable of partnering for a ,proof-of-,concept ,pilot1 as well as other departments1 branches1 agencies1 and instrumentalities of the ,united ,states ,government1 or ,state1 local1 and foreign governments and international regulatory bodies4 7#c7 ,objectives ,the objectives of the pilot programs are to test the viability and capacity of various forms of e-cash technologies to-- 7,a7 preserve the privacy1 anonymity-respecting1 and minimal transactional data-generating properties of physical currency instruments such as coins and notes to the greatest extent technically and practically possible2 7,b7 enforce total balance and transactional activity limits on a per-device basis without rendering such devices vulnerable to surveillance or censorship by third parties including the ,united ,states ,government2 7,c7 deploy rapidly1 securely1 and efficiently on a mass scale2 and 7,d7 maintain ease of use and interoperability with existing financial institution and payment provider systems1 as well as any other digital dollar products4 7#d7 ,parameters and constraints 7,a7 ,all technologies selected for ,proof-of-,concept ,pilots and ,field ,test ,pilots shall be-- 7i7 designed as bearer instruments2 7ii7 capable of instantaneous1 final1 direct1 peer-to-peer1 offline transactions2 and 7iii7 capable of being distributed directly to1 and owned1 held1 and used directly by1 the general public4 7,b7 ,at least two technologies selected for ,proof-of-,concept ,pilots shall be based on secured hardware-based architectures for the purposes of creation1 distribution1 holding1 and payment that do not involve any common or distributed ledger4 7,c7 ,at least one technology selected for ,proof-of-,concept ,pilots shall include a stored-value or pin card option for storage and payment of e-cash4 7,d7 ,at least one technology selected for ,proof-of-,concept ,pilots shall include a cell phone or ,,sim card option for storage and payment of e-cash4 7,e7 ,all technologies selected for ,field ,test ,pilots shall have or at a minimum be capable of incorporating stored-value card functionality4 7#e7 ,special tender authority ,in order to facilitate and promote the effectiveness of the pilot programs1 the ,secretary may grant special recognition of prototypical e-cash instruments issued under a pilot program as legal tender1 and direct the ,board of ,governors of the ,federal ,reserve ,system1 other departments1 branches1 agencies1 and instrumentalities of the ,united ,states ,government1 any other federally regulated financial institution to accept such prototypical e-cash instruments in settlement of outstanding obligations on an at-par basis4 7#f7 ,reporting ,not later than #ahj days after the date on which each phase of the pilot programs terminates1 the ,secretary shall submit to ,congress a report regarding that phase of the pilot programs1 which shall-- 7,a7 include-- 7i7 a description of which elements of the pilot programs were successful and which were unsuccessful2 7ii7 recommendations regarding legislative changes to the pilot programs and related authority under this ,act and elsewhere2 and 7iii7 recommendations for additional pilots and revisions to the pilot program2 and 7,b7 make the nonsensitive analytical data available for public review and comment4 #e4 ,digital ,dollar ,council 7a7 ,in general ,the ,secretary shall establish the ,digital ,dollar ,council 7in this section referred to as the ,council7 to coordinate the ,secretary's ,,ecip-related activities with the efforts of other bureaus of the ,department of the ,treasury and other departments1 branches1 agencies1 and instrumentalities of the ,united ,states ,government1 including the ,board of ,governors of the ,federal ,reserve ,system and the ,united ,states ,postal ,service4 7b7 ,membership ,the ,council shall be comprised of the ,secretary1 the ,director of ,,ecip1 the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 the ,postmaster ,general of the ,united ,states ,postal ,service1 the ,director of the ,office of ,science and ,technology ,policy1 the ,chief ,technology ,officer of the ,united ,states1 and the ,director of the ,national ,institute of ,standards and ,technology1 and any other ,federal employees or representatives of ,federal agencies as the ,secretary1 in the ,secretary's discretion1 determines to be appropriate4 7c7 ,leadership ,the head of the ,council shall be the ,secretary1 however1 the ,secretary may1 at the ,secretary's discretion1 delegate administrative and decision-making responsibility to the ,director4 7d7 ,authority ,the ,council shall have the power to redeploy personnel and resources among the various participating agencies1 as well as establish or amend any rules and regulations promulgated by any participating agencies to the extent the ,council determines such actions to be necessary to achieve the goals and objectives established under this ,act4 7e7 ,jurisdiction ,nothing in this section shall be construed as taking away any powers heretofore or otherwise vested by law in the ,secretary1 and wherever any power vested in the ,council appears to conflict with the powers vested in the ,secretary under this ,act1 such powers shall be exercised subject to the supervision and control of the ,secretary4 7f7 ,joint report ,beginning #ahj days after the date of enactment of this ,act1 and each #ahj days thereafter1 the ,council and the ,national ,institute for ,standards and ,technology shall issue a joint report to the ,congress detailing a plan to achieve full interoperability with existing public and private payments systems within #a year4 #f4 ,monetary ,privacy ,board 7a7 ,in general ,there is established a ,monetary ,privacy ,board 7in this section referred to as the ,board74 7b7 ,membership 7#a7 ,in general ,the ,board shall be comprised of #e members1 appointed by the ,president1 by and with the advice and consent of the ,senate4 7#b7 ,chair ,the ,president shall appoint one member of the ,board as the ,chair of the ,board4 ,except as provided under subsections 7c7 and 7e71 the ,chair shall-- 7,a7 make all decisions of the ,board with respect to staffing1 hiring1 and budget allocation2 and 7,b7 conduct the meetings of the ,board4 7#c7 ,term ,the term of each member of the ,board is #c years4 7#d7 ,removal ,the ,president may remove a member of the ,board from office4 ,on removal1 the ,president shall send a message to the ,senate giving the reasons for removal4 7#e7 ,interim members ,when a vacancy on the ,board remains open for more than three months1 the ,president may appoint an interim member to fill that vacancy4 ,interim members shall enjoy the full powers and privileges of a full member until such time as a permanent member is appointed and confirmed4 7c7 ,member offices ,each member of the ,board shall be entitled to spend #e percent of the budget of the ,board on the personal office and staff of the member4 7d7 ,duties and powers 7#a7 ,in general ,the ,board shall review the actions and decisions of the ,secretary1 the ,director of ,,ecip1 and ,,ecip generally on an ongoing basis to evaluate the extent to which their decisions are consistent with their statutory responsibilities under this ,act1 and more broadly1 a general commitment to preserving the privacy interests of individuals and actors that use e-cash and other forms of digital dollar technologies issued or administered by the ,united ,states ,government4 7#b7 ,semi-annual report ,the ,board shall issue a report to ,congress no less than twice per year-- 7,a7 detailing its findings from its ongoing review process2 7,b7 providing an assessment of the general state of monetary privacy in the ,united ,states2 and 7,c7 offering recommendations for how to better protect civil liberties and individual privacy interests through legislative and regulatory reform4 7#c7 ,interim reports ,the ,board1 or one or more members thereof1 may publish interim reports or any other communication at any time at their discretion1 provided such reports and communications are clearly distinguished from the reports required under paragraph 7#b71 and the particular authors and co-signatories are clearly indicated4 7e7 ,funding authority ,the ,board shall submit an annual budget request to the ,secretary1 and the ,secretary shall transfer the requested amount to the ,board1 using the authorities provided under section #g7;b71 unless the ,secretary determines that the amount is unreasonable in light of the ,board's duties and powers under this ,act4 #g4 ,enabling authority 7a7 ,authorization of ,appropriations ,there are authorized to be appropriated such sums as may be necessary to carry out this ,act4 7b7 ,financing 7#a7 ,fund ,account ,the ,federal ,reserve ,bank of ,new ,york shall establish a new account on behalf of the ,secretary1 called the ,treasury ,electronic ,currency ,innovation ,fund ,account 7in this section referred to as the ,fund ,account74 7#b7 ,use of ,fund ,account ,the ,secretary shall effectuate any and all spending under this ,act by drawing an overdraft on the ,fund ,account1 which shall be accommodated and facilitated automatically1 on an indefinite basis1 and without the imposition of any interest charge or other form of maintenance or overdraft fees by the ,federal ,reserve ,bank of ,new ,york and the ,board of ,governors of the ,federal ,reserve ,system4 7#c7 ,overdraft treatment ,the ,fund ,account shall be exempt from any overdraft prohibitions that currently apply to other accounts administered on behalf of the ,department of the ,treasury ,department by the ,federal ,reserve ,system or a ,federal reserve bank1 and any overdraft liability incurred by the ,department of the ,treasury shall not be included in calculations of public debt subject to limit under section #caja of title #ca1 ,united ,states ,code4 7#d7 ,treatment of losses ,the ,federal ,reserve ,bank of ,new ,york shall record any losses incurred as a result of spending undertaken on behalf of the ,secretary from the ,fund ,account as a deferred asset 7as described in section #aa4if of the ,financial ,accounting ,manual for ,federal ,reserve ,banks1 as in effect on the date of the enactment of this ,act7 and shall be excluded from calculations of the net operating position or consolidated balance sheet of the ,federal ,reserve ,bank of ,new ,york or the ,federal ,reserve ,system1 so as to not reduce or impact the calculation of total income or revenue generated by the ,federal ,reserve ,system1 or otherwise reduce the total amount of net operating profits to be made available for remittance to the ,treasury on an ongoing basis4