Bringing the Discount Window into the 21st Century Act

Review and upgrades to Fed discount window

This bill would require the Federal Reserve to review and upgrade its discount window, the bank emergency loan backstop. The Board would start the review within 60 days of enactment and finish within 240 days. The review would cover how well it provides liquidity, tech and communications (including Fedwire and FedNow hours), cybersecurity, agency coordination, ties to other lenders like the Federal Home Loan Banks, mobile-era deposit runs, and stigma, access, pricing, and terms. After the review, the Board would issue a written remediation plan with actions, timelines, and milestones, and keep interim controls until done. A report with findings and the plan would go to Congress within 365 days, after sharing a draft with the OCC, FDIC, and Treasury; the Chair would testify at the semiannual hearing. The Board and its Inspectors General would file yearly progress reports; sensitive details could go in a confidential annex. These requirements would end once the Board tells Congress and posts that the remediation plan is fully carried out.