This bill requires all eligible banks and credit unions in the United States to regularly test their ability to borrow from the Federal Reserve's discount window and demonstrate operational readiness to do so. Large banks with over $100 billion in assets must conduct these tests at least quarterly, while mid-sized banks with $10 billion to $100 billion in assets must test at least twice yearly. The Federal Reserve and banking regulators have 180 days to write detailed rules for how these tests will work and must also improve the discount window's technical systems within the same timeframe, including creating an online platform for faster borrowing access and extending operating hours to at least 8 p.m. each day. The bill aims to reduce the stigma associated with using the discount window and ensure banks can access emergency liquidity quickly if needed, with the Federal Reserve required to study and report back to Congress within a year on additional ways to improve the process.
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