Discount Window Preparedness Act

This bill would require banks and credit unions that can borrow from the Federal Reserve's discount window to test their ability to borrow and to keep collateral on file, within one year. Institutions with over $100 billion in assets would test at least quarterly, and those with $10 billion to $100 billion at least twice a year. Federal regulators would write rules within 180 days and include borrowing readiness in bank exams. The Federal Reserve would have to keep the discount window open until at least 8 p.m. in each time zone, build an online borrowing platform, and simplify collateral rules, including for small business loans. The Federal Reserve would also review how it reports borrowing data and study ways to reduce stigma around using the discount window.

Full text and official record on Congress.gov

Sponsors

• Mark R. Warner Democrat sponsor
• 1 cosponsors