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Federal Reserve Permanent Emergency Lending Program for Banks

This bill aims to establish a permanent program allowing banks and other financial institutions to borrow money from the Federal Reserve during emergencies. This is intended to ensure financial system stability, indirectly protecting citizens' savings and access to credit by preventing banking crises.
Key points
The Federal Reserve will be able to provide short-term loans to banks to prevent liquidity issues.
Banks can use various types of assets as collateral for these loans.
The goal is to enhance financial security and protect the stability of the banking system, impacting deposit safety and banking service availability for citizens.
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Expired
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Additional Information
Print number: 118_HR_1662
Sponsor: Rep. Torres, Ritchie [D-NY-15]
Process start date: 2023-03-17
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Emergency Liquidity Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1662.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-03-17.

What are the main provisions?

Key points include:

  • The Federal Reserve will be able to provide short-term loans to banks to prevent liquidity issues.
  • Banks can use various types of assets as collateral for these loans.
  • The goal is to enhance financial security and protect the stability of the banking system, impacting deposit safety and banking service availability for citizens.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Torres, Ritchie [D-NY-15].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy