The Bit Extractor

Chris wants to know the remainder when $2^b$ divides an integer $i$ . To do so, he evaluates the following:

$(2^b - 1) \star i$

Which of the following is the correct bitwise operation which is a replacement for $\star$ ?

Example

Let's say $i=34$ and $b=2$ . So, evaluating Chris's operation should yield $34 \pmod {2^2} = 2$