On or after the date of the enactment of this Act, and subject to section 3—
(1)
the President may not prohibit or otherwise regulate, directly or indirectly, travel to or from Cuba by United States citizens or legal residents, or any of the transactions incident to such travel, including banking transactions; and
(2)
any regulation in effect on such date of enactment that prohibits or otherwise regulates travel to or from Cuba by United States citizens or legal residents, or any of the transactions incident to such travel, including banking transactions, shall cease to have any force or effect.