Bill > S5465

This bill, titled the "Bringing the Discount Window into the 21st Century Act," requires the Board of Governors of the Federal Reserve System to conduct a comprehensive review of its "discount window" operations, which is the mechanism the Federal Reserve uses to provide short-term emergency loans to financial institutions to help them manage liquidity shortages and maintain financial stability. Specifically, the Federal Reserve Board must start this review within 60 days and finish it within 240 days of the bill's enactment, evaluating key areas such as the effectiveness of the lending programs during financial stress, technological and cybersecurity readiness, inter-agency communication, operating hours, and strategies to overcome the traditional "stigma" that often discourages banks from using the discount window. Following the review, the Board must consult with other financial regulators and the Treasury Department to create a detailed written remediation plan to fix any identified deficiencies, submit a comprehensive report and testify before Congress within one year, and provide ongoing annual progress reports to lawmakers until the plan is fully carried out.