,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #gbca  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #bh1 #bjbb,mr4   
,lyn* 7= himself1 ,mr4 ,g>ca ( ,ill9ois1
 ,ms4 ,pressley1 ,ms4 ,adams1 & ,ms4    
,tlaib7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to direct !       
,secret>y ( ! ,treasury to develop &    
pilot digital doll> te*nologies t       
replicate ! privacy-respect+ features ( 
physical ca%4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,electronic ,curr5cy ,&
 ,secure ,h>dw>e ,act or ! ,,eca% ,act4 
#b4 ,def9itions ,9 ?is ,act3 7#a7 ,,ecip
 ,! t]m ,,ecip means ! ,electronic      
,curr5cy ,innovation ,program e/abli%$  
"u section #d4  7#b7 ,secret>y ,! t]m   
,secret>y means ! ,secret>y ( !         
,treasury4  #c4 ,electronic doll>  7a7  
,e/abli%m5t ,! ,secret>y ( ! ,treasury  
%all promote & facilitate ! developm5t &
 deploym5t ( an electronic v]sion ( !   
,unit$ ,/ates doll> = use by ! g5]al    
public t replicates & pres]ves !        

privacy1 anonymity-respect+1 & m9imal   
transactional data-g5]at+ prop]ties (   
physical curr5cy in/rum5ts su* z co9s & 
notes to ! greate/ ext5t te*nically &   
practically possible4  7b7 ,electronic  
doll> requirem5ts ,! electronic doll>   
describ$ "u subsection 7a7 %all be--    
7#a7 kn[n z e-ca%2  7#b7 payable to     
be>]2  7#c7 legal t5d]1 z describ$ 9    
section #eajc ( title #ca1 ,unit$ ,/ates
 ,code2  7#d7 an obligation ( ! ,unit$  
,/ates1 z describ$ 9 section #h ( title 
#ah1 ,unit$ ,/ates ,code2  7#e7 creat$ &
 issu$ into circulation by ! ,dep>tm5t (
 ! ,treasury1 9 su* quantities1         
d5om9ations1 & te*nical =ms z !         
,secret>y1 9 ! ,secret>y's discretion1  
det]m9es to be appropriate2  7#f7       
di/ribut$ directly to1 & capable ( be+  
own$1 held1 & us$ directly by1 ! g5]al  
public2  7#g7 capable ( in/antane\s1    
f9al1 direct1 pe]-to-pe]1 (fl9e         
transactions us+ secur$ h>dw>e devices t
 d n involve or require subsequ5t or    
f9al settlem5t on or via a common or    

di/ribut$ l$g]1 or any o!r additional   
approval or validation by ! ,unit$      
,/ates ,gov]nm5t or any o!r ?ird-p>ty   
paym5ts process+ int]m$i>y2  7#h7       
int]-op]able ) all exi/+ f9ancial       
in/itution & paym5t provid] sy/ems &    
g5]ally accept$ paym5ts /&>ds & network 
protocols1 z well z o!r public paym5ts  
programs1 includ+ ! ,u4,s4 ,debit ,c>d &
 ,digital ,pay ,program & ! ,eagle,cash 
c>d program ( ! ,dep>tm5t ( ! ,treasury 
& any o!r digital doll> or public bank+ 
products2  7#i7 classifi$ & regulat$ 9 a
 mann] simil> to physical curr5cy = !   
purposes ( anti-money laund]+1          
"k-y\r-cu/om]1 c\nt]-t]rorism1 &        
transaction report+ laws1 & ?us n       
subject to ?ird-p>ty exemptions to a    
reasonable expectation ( privacy2  7#aj7
 design$1 issu$1 & adm9i/]$ to be       
consi/5t )-- 7,a7 ! /atutory objectives 
articulat$ 9 subsection 7c71 z well z   
any rules1 /&>ds1 & crit]ia enact$ to   
fur!r ^? objectives2  7,b7 ! consum]    
protections articulat$ 9 subsection 7d71

 z well z any rules1 /&>ds1 & crit]ia   
enact$ to fur!r ^? protections2 &  7,c7 
any & all o!r te*nical & policy crit]ia 
e/abli%$ by ?is ,act or by ! ,secret>y  
or ,director "u ! au?ority grant$ to !m 
"u ?is ,act2  7#aa7 di/+ui%able f o!r   
=ms ( electronic curr5cy issu$ by or on 
behalf ( ! ,unit$ ,/ates ,gov]nm5t1     
includ+ any su* =ms t-- 7,a7 are issu$  
by a dep>tm5t1 bran*1 ag5cy1 or         
in/rum5tality ( ! ,unit$ ,/ates         
,gov]nm5t o!r ?an ! ,dep>tm5t ( !       
,treasury1 includ+ su* =ms ( c5tral bank
 digital curr5cy z may be issu$ by !    
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em or its designat$ ag5ts2  7,b7 are
 legally classifi$ z an acc\nt balance  
or any o!r k9d ( f9ancial in/rum5t n    
payable to be>] or t o!rwise require    
id5tification & acc\nt or device        
regi/ration to hold1 access1 or use2    
7,c7 are n di/ribut$ directly to1 or    
o!rwise capable ( be+ own$1 held1 or us$
 directly by1 ! g5]al public2  7,d7 fail
 to replicate & pres]ve ! privacy1      

anonymity-respect+1 & m9imal            
transactional data-g5]at+ prop]ties (   
physical curr5cy in/rum5ts su* z co9s & 
pap] notes to ! greate/ ext5t te*nically
 & practically possible2 &  7#ab7 n     
includ$ 9 calculations ( public debt    
subject to limit "u section #caja (     
title #ca1 ,unit$ ,/ates ,code4  7c7    
,/atutory objectives ,! ,secret>y %all  
promulgate & en=ce rules1 /&>ds1 &      
crit]ia p]ta9+ to ! developm5t &        
implem5tation ( e-ca% in/rum5ts1        
devices1 te*nologies1 plat=ms1 &        
support+ & enabl+ infra/ructure1 z well 
z ! issuance1 dissem9ation1 circulation1
 /orage1 & use ( e-ca% balances1 includ+
 use 9 transactions1 9 su* a mann] & to 
su* an ext5t z ! ,secret>y det]m9es to  
be necess>y or appropriate to a*ieve !  
objectives ( ?is ,act1 subject to !     
foll[+ conditions3 7#a7 ,own]%ip ,!     
,secret>y %all require t any & all e-ca%
 in/rum5ts are capable ( be+ own$1 held1
 & us$ directly by ! g5]al public via   
widely available h>dw>e devices1 )\t !  

necess>y involvem5t ( ?ird-p>ty cu/odial
 or paym5t process+ int]m$i>ies4  7#b7  
,privacy ,! ,secret>y %all require t any
 h>dw>e device au?oriz$ to hold or      
o!rwise facilitate transactions involv+ 
e-ca% %all be secur$ locally via        
cryptographic encryption & o!r          
appropriate te*nologies1 & %all n conta9
 or be subject to any surveillance1     
p]sonal id5tification or transactional  
data-ga!r+1 or c5sor%ip-enabl+ backdoor 
features4  7#c7 ,univ]sality ,!         
,secret>y %all prioritize :]ev] possible
 te*nologies1 practices1 & programs t   
promote univ]sal access & usability1    
p>ticul>ly =-- 7,a7 individuals )       
disabilities1 includ+ visual impairm5t2 
7,b7 l[-income individuals2 &  7,c7     
communities ) limit$ access to ! int]net
 or telecommunications networks4  7#d7  
,inclusion ,! ,secret>y %all take into  
consid]ation ! unique ne$s &            
circum/ances ( m>g9aliz$ communities &  
populations t h hi/orically be5 exclud$ 
f or o!rwise prev5t$ f tak+ full        

advantage ( traditional & curr5t        
f9ancial in/itutions & paym5t s]vices4  
7#e7 ,transp>5cy ,! ,secret>y %all seek 
out & prioritize :]ev] practically      
feasible ! use ( h>dw>e & s(tw>e        
te*nologies issu$ "u op5-s\rce lic5ses1 
& %all fur!r require t all publicly     
fund$ rese>* & te*nology be releas$ "u a
 suitable op5-s\rce lic5se & made       
available = /udy & review by ! sci5tific
 community & ! g5]al public1 except to !
 ext5t t do+ s w\ld und]m9e or impair ! 
security & integrity ( e-ca% devices or 
in/rum5ts4  7d7 ,consum] protections    
7#a7 ,fees ,! ,gov]nm5t may *>ge        
reasonable prices :5 sell+              
e-ca%-compatible h>dw>e 7h5ce=? e-ca%   
devices7 directly to ! public1 provid$  
su* prices are proportionate to1 & n    
unduly 9 excess (1 actual production &  
adm9i/ration co/s1 b may 9 no in/ance   
impose fees or o!r *>ges = hold+1       
receiv+1 s5d+1 or o!rwise transact+ )   
e-ca% balances us+ su* devices4  7#b7   
,solicit$ issuance ( e-ca% h>dw>e       

devices ,! ,gov]nm5t or an au?oriz$     
e-ca% di/ributor may issue an e-ca%     
device to a memb] ( ! public only 9     
response to an oral or writt5 reque/ =  
su* device4  7#c7 ,solicit$ issuance (  
e-ca% balances ,! ,gov]nm5t or an       
au?oriz$ e-ca% di/ributor may issue     
e-ca% in/rum5ts to a us] only 9 response
 to an oral or writt5 reque/ to receive 
funds 9 ! =m ( e-ca%1 & any su* reque/$ 
funds %all be capable ( be+-- 7,a7      
receiv$ 9 ! =m ( an increase 9 !        
available balance ( an exi/+ e-ca%      
device or z a balance on a newly issu$  
e-ca% device2 &  7,b7 paid =1 to ! ext5t
 su* in/rum5ts %all be paid =1 ?r\gh    
deliv]y ( physical curr5cy or dem&      
deposits at an int]op]able ex*ange      
t]m9al4  7#d7 ,disclosures by e-ca%     
di/ributors  7,a7 ,9 g5]al ,disclosures 
by ! ,unit$ ,/ates ,gov]nm5t & any      
?ird-p>ty au?oriz$ to di/ribute e-ca%   
devices or balances reg>d+ usage1 fees1 
int]op]ability1 security1 privacy1 data 
collection1 error resolution1 & any o!r 

t]ms consid]$ relevant by ! ,bureau (   
,consum] ,f9ancial ,protection %all be  
cle> & readily und]/&able1 9 writ+1 & 9 
a =m ! e-ca% in/rum5t be>] c reasonably 
ma9ta94  7,b7 ,=m ( disclosures         
,disclosures describ$ "u subp>agraph    
7,a7 may be provid$ to ! consum] 9 (fl9e
 electronic =m1 subject to compliance ) 
! consum]-cons5t & o!r applicable       
provisions ( ! ,electronic ,signatures 9
 ,global & ,national ,comm]ce ,act 7#ae 
,u4,s4,c4 #gjja et seq474  7#e7         
,liability ( issu]s = unau?oriz$        
transf]s ,nei!r ! issu+ entity nor any  
o!r ,gov]nm5t ag5cies or approv$ e-ca%  
di/ributors %all be held liable =       
unau?oriz$ transf] ( e-ca% balances1 s  
long z ! appropriate disclosures &      
protections describ$ 9 ?is ,act are     
made4  7#f7 ,fees by m]*ants ,x %all be 
unlawful = ! ,unit$ ,/ates ,gov]nm5t1   
au?oriz$ e-ca% di/ributors1 or any o!r  
p]son to impose a s]vice fee or an      
int]*ange fee1 or o!r process+ fee or   
sur*>ge1 = ! use ( e-ca% 9 paym5ts or   

pur*ases4  7#g7 ,bankruptcy ,e-ca%      
in/rum5ts & balances %all be consid]$   
exempt prop]ty equival5t to physical    
curr5cy = ! purposes ( ,*apt] #g        
,bankruptcy proce$+s4  7#h7             
,transactional report+ ,"u no           
circum/ance1 reg>dless ( ! p>ticul>     
te*nology involv$1 %all any transaction 
data g5]at$ by e-ca% paym5ts be         
collect$1 monitor$1 or reta9$ by !      
,unit$ ,/ates ,gov]nm5t1 an au?oriz$    
e-ca% di/ributor1 or any o!r c\nt]p>ty  
except via ! exemptions provid$ by ?is  
,act4  7#i7 ,preemption ( inconsi/5t    
,/ate laws ,/ate consum] laws are       
pre-empt$ unless ! ,director ( ! ,bureau
 ( ,consum] ,f9ancial ,protection       
det]m9es1 ^u ! ,director's own motion or
 ^u ! reque/ ( a ,/ate gov]nm5t1 b      
ultimately 9 ! ,director's sole         
discretion1 t a ,/ate's consum]         
protection laws are n pre-empt$4  7e7   
,requirem5t ,to accept ,e-,ca%  7#a7    
,f$]al ,gov]nm5t ,! ,f$]al ,gov]nm5t    
%all-- 7,a7 accept e-ca% = any paym5t to

 ! ,f$]al ,gov]nm5t1 includ+ paym5ts =  
taxes1 f9es1 & fees2 &  7,b7 ^u reque/1 
provide any ,f$]al ,gov]nm5t b5efit 9 ! 
=m ( e-ca%4  7#b7 ,products & s]vices   
,any p]son sell+ products or s]vices t  
accepts physical curr5cy z a =m ( paym5t
 %all also accept e-ca% z a =m ( paym5t 
to ! ext5t x is practically feasible &  
reasonable to d s4  7f7 ,illicit fl[s   
7#a7 ,presumption ( legitimate use ,"u  
no condition %all ! acquisition1        
possession1 or use ( e-ca% devices1     
in/rum5ts1 & balances "u ! p>amet]s     
e/abli%$ by ?is ,act be treat$ z prima  
facie or intr9sic evid5ce ( crim9al     
activity or int5t1 nor be e/abli%$ z a  
pr$icate (f5se or factor 9 crimes n     
specifi$ 9 or "u ! au?ority e/abli%$ by 
?is ,act4  7#b7 ,includ+ "u ! ,bank     
,secrecy ,act  7,a7 ,9 g5]al ,section   
#ecab7;a77#c7 ( title #ca1 ,unit$ ,/ates
 ,code1 is am5d$-- 7i7 9 subp>agraph    
7,c71 by /rik+ & at ! end2  7ii7 by     
r$esignat+ subp>agraph 7,d7 z           
subp>agraph 7,e72  7iii7 by ins]t+ aft] 

subp>agraph 7,c7 ! foll[+3  7,d7 e-ca%1 
z def9$ "u section #c ( ! ,,eca% ,act2 &
  2 &  7iv7 9 subp>agraph 7,e71 z s     
r$esignat$1 by /rik+ subp>agraph 7,a71  
7,b71 or 7,c7 & ins]t+ subp>agraph 7,a71
 7,b71 7,c71 or 7,d74  7,b7 ,am5dm5ts to
 doll> ?re%olds ,at any "t1 ! ,director 
( ,,ecip may increase ! value ?re%olds  
applicable to e-ca% = any report+       
requirem5t "u sub*apt] ,,ii ( *apt] #ec 
( title #ca1 ,unit$ ,/ates ,code1 b may 
at no "t decrease su* value ?re%olds4   
7g7 ,sy/emic liquidity ,! ,bo>d (       
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 take appropriate measures to ensure t !
 implem5tation & adoption ( e-ca% does n
 disrupt or sub/antially impact ! g5]al 
availability or co/ ( liquidity =       
depository in/itutions1 cr$it unions1 or
 community developm5t f9ancial          
in/itutions1 or _! capacity to ext5d    
cr$it & o!r f9ancial s]vices to und]s]v$
 populations1 z describ$ "u ! ,community
 ,re9ve/m5t ,act ( #aigg1 & any o!r     
applicable ,f$]al & ,/ate laws1 h[ev]   

su* measures may 9 no way impair1       
re/rict1 or o!rwise limit ! ability ( ! 
public to access1 hold1 & use e-ca%4    
#d4 ,electronic ,curr5cy ,innovation    
,program  7a7 ,9 g5]al ,! ,secret>y %all
 e/abli% ! ,electronic ,curr5cy         
,innovation ,program to direct1 ov]see1 
coord9ate1 & h>monize ! developm5t1     
implem5tation1 ma9t5ance1 & regulation (
 e-ca% in/rum5ts1 devices1 te*nologies1 
plat=ms1 & support+ & enabl+            
infra/ructure 9 accordance ) ! te*nical 
& policy crit]ia e/abli%$ by ?is ,act4  
7b7 ,director  7#a7 ,appo9tm5t  7,a7 ,9 
g5]al ,! head ( ! ,,ecip %all be !      
,director1 :o %all be appo9t$ by !      
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate4  7,b7 ,t]m ,! t]m ( ! ,director 
is #e ye>s4  7,c7 ,removal ,! ,presid5t 
may remove ! ,director f (fice4 ,on     
removal1 ! ,presid5t %all s5d a message 
to ! ,s5ate giv+ ! reasons = removal4   
7,d7 ,int]im director ,:5 a ,director   
has n yet be5 confirm$ or appo9t$1 !    
,secret>y may1 subject to ! cons5t ( !  

,presid5t1 appo9t an ,int]im ,director1 
:o %all enjoy ! full p[]s & privileges (
 ! ,director z e/abli%$ "u ?is ,act     
until su* "t z a p]man5t ,director is   
confirm$ & appo9t$4 ,9 ! ev5t nei!r a   
,director or ,int]im ,director is       
appo9t$1 all responsibilities & duties  
assign$ to ! ,director "u ?is ,act %all 
be assum$ by ! ,secret>y4  7#b7 ,duties 
& p[]s ,! duties & p[]s ( ! ,director   
are z foll[s3 7,a7 ,promote innovation  
91 & ensure ! successful implem5tation &
 widespread adoption (1 e-ca% in/rum5ts1
 devices1 te*nologies1 plat=ms1 &       
support+ & enabl+ infra/ructure 9       
accordance ) ?is ,act1 by-- 7i7 direct+1
 conduct+1 sponsor+1 & publi%+ rese>*2  
7ii7 g5]at+1 collect+1 analyz+1 &       
publi%+ data2  7iii7 acquir+1 develop+1 
dissem9at+1 & %>+ op5-access te*nologies
 & te*nical k2  7iv7 develop+ & adm9i/]+
 e-ca% pilot programs1 bo? individually 
& 9 p>tn]%ip ) o!r actors & entities t !
 ,secret>y det]m9es appropriate2  7v7   
promulgat+1 & en=c+ rules1 objectives1  

/&>ds1 & crit]ia p]ta9+ to ! developm5t 
& implem5tation ( e-ca% in/rum5ts1      
devices1 te*nologies1 plat=ms1 &        
support+ & enabl+ infra/ructure1 z well 
z ! issuance1 dissem9ation1 circulation1
 /orage1 & use ( e-ca%1 includ+ its use 
9 transactions2  7vi7 coord9at+ ) o!r   
actors1 includ+ o!r dep>tm5ts1 bran*es1 
ag5cies1 & in/rum5talities ( ! ,unit$   
,/ates ,gov]nm5t1 z well z ,/ate1 local1
 & =eign gov]nm5ts & int]national       
regulatory bodies1 9 fur!rance ( ! g5]al
 goals ( ?is ,act2 &  7vii7 develop+ &  
dissem9at+ public educational mat]ials &
 conduct+ public educational campaigns  
to fo/] aw>5ess & und]/&+ ( e-ca% & its 
economic & social significance 9 !      
broad] monet>y sy/em4  7,b7 ,su* o!r    
duties & p[]s z ! ,secret>y may delegate
 or prescribe4  7c7 ,/aff1 equipm5t1 &  
facilities ,! ,director %all be au?oriz$
 to hire /aff1 pur*ase equipm5t1 & r5t  
or acquire facilities z ! ,director     
det]m9es to be appropriate to a*ieve !  
goals & objectives e/abli%$ "u ?is ,act1

 subject to ! approval ( ! ,secret>y4   
7d7 ,pilot programs  7#a7 ,e/abli%m5t   
7,a7 ,9 g5]al ,n lat] ?an #ij days aft] 
! enactm5t ( ?is ,act1 ! ,director %all 
initiate a two-phase e-ca% pilot program
 9 anticipation ( g5]al deploym5t (     
e-ca% to ! public n lat] ?an =ty-eight  
mon?s aft] ! date ( enactm5t ( ?is ,act4
  7,b7 ,phase #a ,phase #a ( ! pilot    
program %all consi/ ( n less ?an ?ree   
di/9ct pilots 79 ?is section ref]r$ to z
 ,pro(-(-,concept ,pilots71 ea* ( :i*   
%all laun* no lat] ?an #ahj days aft] ! 
date ( enactm5t ( ?is ,act1 & run = no  
long] ?an #cfj days !reaft]4  7,c7      
,phase #b ,phase #b ( ! pilot program   
%all consi/ ( at lea/ "o l>ge-scale     
deploym5t to a segm5t ( ! public 79 ?is 
section ref]r$ to z ,field ,te/         
,pilots71 :i* %all laun* no lat] ?an #b 
ye>s aft] ! enactm5t ( ?is ,act1 & run =
 no long] ?an #b ye>s !reaft]4  7,d7    
,ext5sion ( timel9es = pilot programs ,!
 timel9es = ! implem5tation ( ! two     
phases ( ! e-ca% pilot program describ$ 

9 ?is p>agraph may be ext5d$ ^u a       
det]m9ation by ! ,director t su* an     
ext5sion is necess>y to ensure !        
security & integrity ( ! te*nologies to 
be pilot$ 9 ! program4  7#b7            
,adm9i/ration  7,a7 ,9 g5]al ,! pilot   
programs %all be adm9i/]$ by !          
,director1 9 coord9ation ) ! ,digital   
,doll> ,c\ncil1 & subject to ! ongo+    
ov]sight & review ( ! ,monet>y ,privacy 
,bo>d4  7,b7 ,pro(-(-,concept ,pilots   
,pro(-(-,concept ,pilots may be         
conduct$-- 7i7 9 p>tn]%ip ) "o or m     
univ]sities1 non-pr(it entities1 insur$ 
f9ancial in/itutions1 non-bank paym5t   
provid]s aim$ at promot+ f9ancial       
inclusion1 te*nology-focus$ f9ancial    
firms & companies1 f9ancial te*nology   
companies1 or =eign c5tral banks2 &     
7ii7 ?r\gh1 or 9 p>tn]%ip )1 any exi/+  
,f$]al1 ,/ate1 or local gov]nm5t fund   
disbursem5t & paym5ts program1 includ+  
^? t rely on ! ,u4,s4 ,debit ,c>d &     
,digital ,pay ,program1 ! ,eagle,cash   
,c>d program1 or any o!r paym5ts        

te*nology (f]$ by or 9 p>tn]%ip ) !     
,bureau ( ! ,fiscal ,s]vice ( !         
,dep>tm5t ( ! ,treasury4  7,c7 ,field   
,te/ ,pilots ,field ,te/ ,pilots may be 
conduct$ 9 p>tn]%ip ) any entity capable
 ( p>tn]+ = a ,pro(-(-,concept ,pilot1 z
 well z o!r dep>tm5ts1 bran*es1 ag5cies1
 & in/rum5talities ( ! ,unit$ ,/ates    
,gov]nm5t1 or ,/ate1 local1 & =eign     
gov]nm5ts & int]national regulatory     
bodies4  7#c7 ,objectives ,! objectives 
( ! pilot programs are to te/ !         
viability & capacity ( v>i\s =ms ( e-ca%
 te*nologies to-- 7,a7 pres]ve !        
privacy1 anonymity-respect+1 & m9imal   
transactional data-g5]at+ prop]ties (   
physical curr5cy in/rum5ts su* z co9s & 
notes to ! greate/ ext5t te*nically &   
practically possible2  7,b7 en=ce total 
balance & transactional activity limits 
on a p]-device basis )\t r5d]+ su*      
devices vuln]able to surveillance or    
c5sor%ip by ?ird p>ties includ+ ! ,unit$
 ,/ates ,gov]nm5t2  7,c7 deploy rapidly1
 securely1 & effici5tly on a mass scale2

 &  7,d7 ma9ta9 ease ( use &            
int]op]ability ) exi/+ f9ancial         
in/itution & paym5t provid] sy/ems1 z   
well z any o!r digital doll> products4  
7#d7 ,p>amet]s & con/ra9ts  7,a7 ,all   
te*nologies select$ = ,pro(-(-,concept  
,pilots & ,field ,te/ ,pilots %all be-- 
7i7 design$ z be>] in/rum5ts2  7ii7     
capable ( in/antane\s1 f9al1 direct1    
pe]-to-pe]1 (fl9e transactions2 &  7iii7
 capable ( be+ di/ribut$ directly to1 & 
own$1 held1 & us$ directly by1 ! g5]al  
public4  7,b7 ,at lea/ two te*nologies  
select$ = ,pro(-(-,concept ,pilots %all 
be bas$ on secur$ h>dw>e-bas$           
ar*itectures = ! purposes ( creation1   
di/ribution1 hold+1 & paym5t t d n      
involve any common or di/ribut$ l$g]4   
7,c7 ,at lea/ "o te*nology select$ =    
,pro(-(-,concept ,pilots %all include a 
/or$-value or p9 c>d option = /orage &  
paym5t ( e-ca%4  7,d7 ,at lea/ "o       
te*nology select$ = ,pro(-(-,concept    
,pilots %all include a cell phone or    
,,sim c>d option = /orage & paym5t (    

e-ca%4  7,e7 ,all te*nologies select$ = 
,field ,te/ ,pilots %all h or at a      
m9imum be capable ( incorporat+         
/or$-value c>d functionality4  7#e7     
,special t5d] au?ority ,9 ord] to       
facilitate & promote ! effectiv5ess ( ! 
pilot programs1 ! ,secret>y may grant   
special recognition ( prototypical e-ca%
 in/rum5ts issu$ "u a pilot program z   
legal t5d]1 & direct ! ,bo>d ( ,gov]nors
 ( ! ,f$]al ,res]ve ,sy/em1 o!r         
dep>tm5ts1 bran*es1 ag5cies1 &          
in/rum5talities ( ! ,unit$ ,/ates       
,gov]nm5t1 any o!r f$]ally regulat$     
f9ancial in/itution to accept su*       
prototypical e-ca% in/rum5ts 9 settlem5t
 ( out/&+ obligations on an at-p> basis4
  7#f7 ,report+ ,n lat] ?an #ahj days   
aft] ! date on :i* ea* phase ( ! pilot  
programs t]m9ates1 ! ,secret>y %all     
submit to ,congress a report reg>d+ t   
phase ( ! pilot programs1 :i* %all--    
7,a7 include-- 7i7 a description ( :i*  
elem5ts ( ! pilot programs 7 successful 
& :i* 7 unsuccessful2  7ii7             

recomm5dations reg>d+ legislative *anges
 to ! pilot programs & relat$ au?ority  
"u ?is ,act & else:]e2 &  7iii7         
recomm5dations = additional pilots &    
revisions to ! pilot program2 &  7,b7   
make ! nons5sitive analytical data      
available = public review & comm5t4  #e4
 ,digital ,doll> ,c\ncil  7a7 ,9 g5]al  
,! ,secret>y %all e/abli% ! ,digital    
,doll> ,c\ncil 79 ?is section ref]r$ to 
z ! ,c\ncil7 to coord9ate ! ,secret>y's 
,,ecip-relat$ activities ) ! ef=ts ( o!r
 bureaus ( ! ,dep>tm5t ( ! ,treasury &  
o!r dep>tm5ts1 bran*es1 ag5cies1 &      
in/rum5talities ( ! ,unit$ ,/ates       
,gov]nm5t1 includ+ ! ,bo>d ( ,gov]nors (
 ! ,f$]al ,res]ve ,sy/em & ! ,unit$     
,/ates ,po/al ,s]vice4  7b7 ,memb]%ip ,!
 ,c\ncil %all be compris$ ( ! ,secret>y1
 ! ,director ( ,,ecip1 ! ,*airman ( !   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em1 ! ,po/ma/] ,g5]al ( ! ,unit$    
,/ates ,po/al ,s]vice1 ! ,director ( !  
,(fice ( ,sci5ce & ,te*nology ,policy1 !
 ,*ief ,te*nology ,(fic] ( ! ,unit$     

,/ates1 & ! ,director ( ! ,national     
,in/itute ( ,/&>ds & ,te*nology1 & any  
o!r ,f$]al employees or repres5tatives (
 ,f$]al ag5cies z ! ,secret>y1 9 !      
,secret>y's discretion1 det]m9es to be  
appropriate4  7c7 ,lead]%ip ,! head ( ! 
,c\ncil %all be ! ,secret>y1 h[ev]1 !   
,secret>y may1 at ! ,secret>y's         
discretion1 delegate adm9i/rative &     
decision-mak+ responsibility to !       
,director4  7d7 ,au?ority ,! ,c\ncil    
%all h ! p[] to r$eploy p]sonnel &      
res\rces among ! v>i\s p>ticipat+       
ag5cies1 z well z e/abli% or am5d any   
rules & regulations promulgat$ by any   
p>ticipat+ ag5cies to ! ext5t ! ,c\ncil 
det]m9es su* actions to be necess>y to  
a*ieve ! goals & objectives e/abli%$ "u 
?is ,act4  7e7 ,jurisdiction ,no?+ 9 ?is
 section %all be con/ru$ z tak+ away any
 p[]s h]et(ore or o!rwise ve/$ by law 9 
! ,secret>y1 & :]ev] any p[] ve/$ 9 !   
,c\ncil appe>s to conflict ) ! p[]s ve/$
 9 ! ,secret>y "u ?is ,act1 su* p[]s    
%all be ex]cis$ subject to ! sup]vision 

& control ( ! ,secret>y4  7f7 ,jo9t     
report ,beg9n+ #ahj days aft] ! date (  
enactm5t ( ?is ,act1 & ea* #ahj days    
!reaft]1 ! ,c\ncil & ! ,national        
,in/itute = ,/&>ds & ,te*nology %all    
issue a jo9t report to ! ,congress      
detail+ a plan to a*ieve full           
int]op]ability ) exi/+ public & private 
paym5ts sy/ems )9 #a ye>4  #f4 ,monet>y 
,privacy ,bo>d  7a7 ,9 g5]al ,!re is    
e/abli%$ a ,monet>y ,privacy ,bo>d 79   
?is section ref]r$ to z ! ,bo>d74  7b7  
,memb]%ip  7#a7 ,9 g5]al ,! ,bo>d %all  
be compris$ ( #e memb]s1 appo9t$ by !   
,presid5t1 by & ) ! advice & cons5t ( ! 
,s5ate4  7#b7 ,*air ,! ,presid5t %all   
appo9t "o memb] ( ! ,bo>d z ! ,*air ( ! 
,bo>d4 ,except z provid$ "u subsections 
7c7 & 7e71 ! ,*air %all-- 7,a7 make all 
decisions ( ! ,bo>d ) respect to /aff+1 
hir+1 & budget allocation2 &  7,b7      
conduct ! meet+s ( ! ,bo>d4  7#c7 ,t]m  
,! t]m ( ea* memb] ( ! ,bo>d is #c ye>s4
  7#d7 ,removal ,! ,presid5t may remove 
a memb] ( ! ,bo>d f (fice4 ,on removal1 

! ,presid5t %all s5d a message to !     
,s5ate giv+ ! reasons = removal4  7#e7  
,int]im memb]s ,:5 a vacancy on ! ,bo>d 
rema9s op5 = m ?an ?ree mon?s1 !        
,presid5t may appo9t an int]im memb] to 
fill t vacancy4 ,int]im memb]s %all     
enjoy ! full p[]s & privileges ( a full 
memb] until su* "t z a p]man5t memb] is 
appo9t$ & confirm$4  7c7 ,memb] (fices  
,ea* memb] ( ! ,bo>d %all be entitl$ to 
sp5d #e p]c5t ( ! budget ( ! ,bo>d on ! 
p]sonal (fice & /aff ( ! memb]4  7d7    
,duties & p[]s  7#a7 ,9 g5]al ,! ,bo>d  
%all review ! actions & decisions ( !   
,secret>y1 ! ,director ( ,,ecip1 &      
,,ecip g5]ally on an ongo+ basis to     
evaluate ! ext5t to :i* _! decisions are
 consi/5t ) _! /atutory responsibilities
 "u ?is ,act1 & m broadly1 a g5]al      
commitm5t to pres]v+ ! privacy int]e/s (
 individuals & actors t use e-ca% & o!r 
=ms ( digital doll> te*nologies issu$ or
 adm9i/]$ by ! ,unit$ ,/ates ,gov]nm5t4 
7#b7 ,semi-annual report ,! ,bo>d %all  
issue a report to ,congress no less ?an 

twice p] ye>-- 7,a7 detail+ its f9d+s f 
its ongo+ review process2  7,b7 provid+ 
an assessm5t ( ! g5]al /ate ( monet>y   
privacy 9 ! ,unit$ ,/ates2 &  7,c7 (f]+ 
recomm5dations = h[ to bett] protect    
civil lib]ties & individual privacy     
int]e/s ?r\gh legislative & regulatory  
re=m4  7#c7 ,int]im reports ,! ,bo>d1 or
 "o or m memb]s !re(1 may publi% int]im 
reports or any o!r communication at any 
"t at _! discretion1 provid$ su* reports
 & communications are cle>ly di/+ui%$ f 
! reports requir$ "u p>agraph 7#b71 & ! 
p>ticul> au?ors & co-signatories are    
cle>ly indicat$4  7e7 ,fund+ au?ority ,!
 ,bo>d %all submit an annual budget     
reque/ to ! ,secret>y1 & ! ,secret>y    
%all transf] ! reque/$ am\nt to ! ,bo>d1
 us+ ! au?orities provid$ "u section    
#g7;b71 unless ! ,secret>y det]m9es t ! 
am\nt is unreasonable 9 light ( !       
,bo>d's duties & p[]s "u ?is ,act4  #g4 
,enabl+ au?ority  7a7 ,au?orization (   
,appropriations ,!re are au?oriz$ to be 
appropriat$ su* sums z may be necess>y  

to c>ry out ?is ,act4  7b7 ,f9anc+  7#a7
 ,fund ,acc\nt ,! ,f$]al ,res]ve ,bank (
 ,new ,york %all e/abli% a new acc\nt on
 behalf ( ! ,secret>y1 call$ ! ,treasury
 ,electronic ,curr5cy ,innovation ,fund 
,acc\nt 79 ?is section ref]r$ to z !    
,fund ,acc\nt74  7#b7 ,use ( ,fund      
,acc\nt ,! ,secret>y %all effectuate any
 & all sp5d+ "u ?is ,act by draw+ an    
ov]draft on ! ,fund ,acc\nt1 :i* %all be
 accommodat$ & facilitat$ automatically1
 on an indef9ite basis1 & )\t !         
imposition ( any int]e/ *>ge or o!r =m (
 ma9t5ance or ov]draft fees by ! ,f$]al 
,res]ve ,bank ( ,new ,york & ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em4    
7#c7 ,ov]draft treatm5t ,! ,fund ,acc\nt
 %all be exempt f any ov]draft          
prohibitions t curr5tly apply to o!r    
acc\nts adm9i/]$ on behalf ( ! ,dep>tm5t
 ( ! ,treasury ,dep>tm5t by ! ,f$]al    
,res]ve ,sy/em or a ,f$]al res]ve bank1 
& any ov]draft liability incurr$ by !   
,dep>tm5t ( ! ,treasury %all n be       
includ$ 9 calculations ( public debt    

subject to limit "u section #caja (     
title #ca1 ,unit$ ,/ates ,code4  7#d7   
,treatm5t ( losses ,! ,f$]al ,res]ve    
,bank ( ,new ,york %all record any      
losses incurr$ z a result ( sp5d+       
und]tak5 on behalf ( ! ,secret>y f !    
,fund ,acc\nt z a def]r$ asset 7z       
describ$ 9 section #aa4if ( ! ,f9ancial 
,acc\nt+ ,manual = ,f$]al ,res]ve       
,banks1 z 9 effect on ! date ( !        
enactm5t ( ?is ,act7 & %all be exclud$ f
 calculations ( ! net op]at+ position or
 consolidat$ balance %eet ( ! ,f$]al    
,res]ve ,bank ( ,new ,york or ! ,f$]al  
,res]ve ,sy/em1 s z to n r$uce or impact
 ! calculation ( total income or rev5ue 
g5]at$ by ! ,f$]al ,res]ve ,sy/em1 or   
o!rwise r$uce ! total am\nt ( net op]at+
 pr(its to be made available =          
remittance to ! ,treasury on an ongo+   
basis4