FEDERAL RESERVE BOARD STUDY.

SEC. 2601. FEDERAL RESERVE BOARD STUDY. (a) Study of Electronic Stored Value Products.— (1) Study.—The Board shall conduct a study of electronic stored value products which evaluates whether provisions of the Electronic Fund Transfer Act could be applied to such products without adversely impacting the cost, development, and operation of such products. (2) Considerations.—In conducting its study under paragraph (1), the Board shall consider whether alternatives to regulation under the Electronic Fund Transfer Act, such as allowing competitive market forces to shape the development and operation of electronic stored value products, could more efficiently achieve the objectives embodied in that Act. (b) Report.—The Board shall submit a report of its study under subsection (a) to the Congress not later than 6 months after the date of enactment of this Act. (c) Action To Finalize.—The Board shall take no action to finalize any amendments to regulations under the Electronic Fund Transfer Act that would regulate electronic stored value products until the later of— (1) 3 months after the date on which the report is submitted to the Congress under subsection (b); or (2) 9 months after the date of enactment of this Act. * * * * * * *