to be necessary to achieve the goals and objectives estab-
lished under this Act. 
(e) JURISDICTION.—Nothing in this section shall be 
construed as taking away any powers heretofore or other-
wise vested by law in the Secretary, and wherever any 
power vested in the Council appears to conflict with the 
powers vested in the Secretary under this Act, such powers 
shall be exercised subject to the supervision and control 
of the Secretary. 
(f) JOINT REPORT.—Beginning 180 days after the 
date of enactment of this Act, and each 180 days there-
after, the Council and the National Institute for Stand-
ards and Technology shall issue a joint report to the Con-
gress detailing a plan to achieve full interoperability with 
existing public and private payments systems within 1 
year. 
SEC. 6. MONETARY PRIVACY BOARD. 
(a) IN GENERAL.—There is established a Monetary 
Privacy Board (in this section referred to as ‘‘the Board’’). 
(b) MEMBERSHIP.— 
(1) IN
GENERAL.—The Board shall be com-
prised of 5 members, appointed by the President, by 
and with the advice and consent of the Senate. 
(2) CHAIR.—The President shall appoint one 
member of the Board as the Chair of the Board. Ex-
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cept as provided under subsections (c) and (e), the 
Chair shall— 
(A) make all decisions of the Board with 
respect to staffing, hiring, and budget alloca-
tion; and 
(B) conduct the meetings of the Board. 
(3) TERM.—The term of each member of the 
Board is 3 years. 
(4) REMOVAL.—The President may remove a 
member of the Board from office. On removal, the 
President shall send a message to the Senate giving 
the reasons for removal. 
(5) INTERIM MEMBERS.—When a vacancy on 
the Board remains open for more than three 
months, the President may appoint an interim mem-
ber to fill that vacancy. Interim members shall enjoy 
the full powers and privileges of a full member until 
such time as a permanent member is appointed and 
confirmed. 
(c) MEMBER OFFICES.—Each member of the Board 
shall be entitled to spend 5 percent of the budget of the 
Board on the personal office and staff of the member. 
(d) DUTIES AND POWERS.— 
(1) IN GENERAL.—The Board shall review the 
actions and decisions of the Secretary, the Director 
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of ECIP, and ECIP generally on an ongoing basis 
to evaluate the extent to which their decisions are 
consistent with their statutory responsibilities under 
this Act, and more broadly, a general commitment 
to preserving the privacy interests of individuals and 
actors that use e-cash and other forms of digital dol-
lar technologies issued or administered by the 
United States Government. 
(2) SEMI-ANNUAL REPORT.—The Board shall 
issue a report to Congress no less than twice per 
year— 
(A) detailing its findings from its ongoing 
review process; 
(B) providing an assessment of the general 
state of monetary privacy in the United States; 
and 
(C) offering recommendations for how to 
better protect civil liberties and individual pri-
vacy interests through legislative and regulatory 
reform. 
(3) INTERIM REPORTS.—The Board, or one or 
more members thereof, may publish interim reports 
or any other communication at any time at their dis-
cretion, provided such reports and communications 
are clearly distinguished from the reports required 
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under paragraph (2), and the particular authors and 
co-signatories are clearly indicated. 
(e) FUNDING AUTHORITY.—The Board shall submit 
an annual budget request to the Secretary, and the Sec-
retary shall transfer the requested amount to the Board, 
using the authorities provided under section 7(b), unless 
the Secretary determines that the amount is unreasonable 
in light of the Board’s duties and powers under this Act. 
SEC. 7. ENABLING AUTHORITY. 
(a) AUTHORIZATION
OF APPROPRIATIONS.—There 
are authorized to be appropriated such sums as may be 
necessary to carry out this Act. 
(b) FINANCING.— 
(1) FUND
ACCOUNT.—The Federal Reserve 
Bank of New York shall establish a new account on 
behalf of the Secretary, called the ‘‘Treasury Elec-
tronic Currency Innovation Fund Account’’ (in this 
section referred to as the ‘‘Fund Account’’). 
(2) USE OF FUND ACCOUNT.—The Secretary 
shall effectuate any and all spending under this Act 
by drawing an overdraft on the Fund Account, 
which shall be accommodated and facilitated auto-
matically, on an indefinite basis, and without the im-
position of any interest charge or other form of 
maintenance or overdraft fees by the Federal Re-
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pamtmann on DSKBC07HB2PROD with BILLS
serve Bank of New York and the Board of Gov-
ernors of the Federal Reserve System. 
(3) OVERDRAFT TREATMENT.—The Fund Ac-
count shall be exempt from any overdraft prohibi-
tions that currently apply to other accounts adminis-
tered on behalf of the Department of the Treasury 
Department by the Federal Reserve System or a 
Federal reserve bank, and any overdraft liability in-
curred by the Department of the Treasury shall not 
be included in calculations of public debt subject to 
limit under section 3101 of title 31, United States 
Code. 
(4) TREATMENT OF LOSSES.—The Federal Re-
serve Bank of New York shall record any losses in-
curred as a result of spending undertaken on behalf 
of the Secretary from the Fund Account as a de-
ferred asset (as described in section 11.96 of the Fi-
nancial Accounting Manual for Federal Reserve 
Banks, as in effect on the date of the enactment of 
this Act) 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 System, so as to not reduce or 
impact the calculation of total income or revenue 
generated by the Federal Reserve System, or other-
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wise reduce the total amount of net operating profits 
to be made available for remittance to the Treasury 
on an ongoing basis. 
Æ 
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