This bill requires the Federal Reserve Board to conduct a comprehensive review of the discount window, which is the system that provides emergency loans to banks during financial stress. The review must examine whether the discount window's technology, cybersecurity, communications, and operating hours are adequate for modern banking needs, and must be completed within 240 days of the bill's passage. The Federal Reserve must solicit public comments on the discount window's effectiveness and then develop a written remediation plan to address any identified problems, including timelines for implementation. Within one year, the Federal Reserve must submit a report to Congress detailing the review findings and remediation plan, and the Federal Reserve Chair must testify before Congress about the results. Going forward, the Federal Reserve and its Inspector General must submit annual reports to Congress on the discount window's performance and progress on implementing improvements.
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