Bringing the Discount Window into the 21st Century Act
Sponsored By: Representative De La Cruz, Monica [R-TX-15]
Passed House
Summary
This bill would require a comprehensive, time‑bound review of the Federal Reserve's discount window and a remediation plan to modernize and strengthen access, technology, and oversight. It targets faster, safer liquidity support during stress by examining technology, cybersecurity, communications, operating hours, stigma, pricing, and coordination with other liquidity providers.
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- Banks and depositary institutions: The review and remediation plan aim to reduce stigma, speed access to advances, and update pricing, hours, and technology so institutions can respond to rapid outflows and limit contagion.
- The Federal Reserve and federal regulators: The Board must begin the review within 60 days and finish within 240 days, then produce a remediation plan with timelines and milestones. The plan must be shared with Federal Reserve Banks and solicited for feedback from the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Treasury.
- Congress and oversight: The Board must report its findings and remediation plan to the relevant congressional committees within 365 days and provide semiannual testimony. Annual progress reports are required from the Board, the Board's Inspector General, and the Consumer Financial Protection Bureau, with a confidential annex allowed for sensitive material.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Fed bank lending window review and fixes
This bill would require the Federal Reserve Board to review and improve its discount window lending. The Board would have to start within 60 days, finish within 240 days, and send Congress a report and remediation plan within 365 days. The review would cover technology, cybersecurity, communications, operating hours, access, pricing, and stigma, including how the window works in a crisis and with other liquidity providers and payment systems like Fedwire and FedNow. The Board, with the Reserve Banks, would set timelines and milestones and manage risks until fixes are in place. The Chair would testify about the report, and the Board, its Inspector General, and the Consumer Financial Protection Bureau would file annual progress reports. Reports could include a confidential annex to protect monetary policy, cybersecurity, financial stability, or the stability of a specific financial institution. These requirements would end only after the Board tells Congress and posts online that the plan is fully done.
Sponsors & CoSponsors
Sponsor
De La Cruz, Monica [R-TX-15]
TX • R
Cosponsors
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 5/14/2025
Lucas
OK • R
Sponsored 5/14/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov