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EconomyH.R. 3390Comments

Bringing the Discount Window into the 21st Century Act

Official title: To amend the Federal Reserve Act to require the Board of Governors of the Federal Reserve System to carry out a review of discount window operations and to implement improvements to such operations, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

What This Bill Does

This bill requires the Board of Governors of the Federal Reserve System to review and develop a remediation plan for its discount window lending program, which provides loans to depository institutions to support an institution’s security and liquidity.

The review must consider topics such as the sufficiency of the technology infrastructure, the effectiveness of the existing operating hours of the discount window, and how the discount window interacts with other liquidity providers during normal operations and in times of financial distress.

The remediation plan must address any identified deficiencies, establish timelines and milestones for implementation, and be approved by the board.

The bill requires annual reports to Congress regarding the plan.

Sponsors

Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. House floor actionsMr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
  3. Passed the House
  4. House floor actionsReported (Amended) by the Committee on Financial Services. H. Rept. 119-234.
  5. House committee actionsCommittee Consideration and Mark-up Session Held
  6. House committee actionsCommittee Consideration and Mark-up Session Held
  7. Library of CongressIntroduced in House
  8. House floor actionsReferred to the House Committee on Financial Services.
  9. Introduced
  10. Committee

Comments

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