Bringing the Discount Window into the 21st Century Act

This bill would require the Federal Reserve Board to review the discount window, the program through which Federal Reserve banks lend money to financial institutions that need cash. The Board would have to start the review within 60 days and finish it within 240 days. The review would look at areas such as technology, cybersecurity, operating hours, the effects of mobile banking on deposit withdrawals, and reluctance by banks to use the program. The Board would then write a plan to fix the problems it finds, report to Congress within 365 days, and send yearly progress reports until it tells Congress the plan is fully carried out.

Full text and official record on Congress.gov

Sponsors

• Catherine Cortez Masto Democrat sponsor
• 1 cosponsors