Bringing the Discount Window into the 21st Century Act

Stronger oversight for Fed discount window

If enacted, the bill would require the Federal Reserve Board to start a full review of the discount window within 60 days and finish within 240 days. The Board would give draft materials to the OCC, FDIC, FHFA, and the Treasury for feedback and deliver an initial report and a written remediation plan to Congress within 365 days. The remediation plan would list actions, timelines, milestones, and measures, and the Board would be required to implement the plan until completion. The Board Chairman would testify at the semiannual hearing, and the Board, its Inspector General, and the CFPB would send annual progress reports. Reports could include a confidential annex, and the new statutory duties would end when the Board publicly notifies Congress and posts that the remediation plan is fully implemented.