1. Quantitative impact study requirement (a) In general The Board of Governors of the Federal Reserve System may not take any steps to develop, build, or otherwise implement any proposed real-time payment system or any component thereof (including a settlement service, liquidity management service, or auxiliary services) under the Faster Payments Initiative until after the end of the 1-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 component. (b) Contents of study The study described under subsection (a) shall include the following: (1) Any cybersecurity, privacy concerns, or other risks associated with the Federal government receiving and managing new transaction-level information regarding millions of American citizens, including a threat assessment. (2) 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 Act, like other payment processors. (3) Where customer information would be stored. (4) Who would oversee such information. (5) Whether the Board of Governors would create a database to view customer transactions. (6) An analysis of whether the private sector can provide the system or achieve the objectives of the system with reasonable effectiveness, scope, and equity. (7) 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 system. (8) The potential adverse consequences to the private sector in the short term and the long if the Board of Governors offers the system. (9) Whether the Board of Governors could achieve the Board’s objectives without offering the system, but rather by making changes to its current infrastructure, for example by expanding the operating hours of the National Settlement Service or enhancing the Automated Clearing House’s