Federal Reserve Bank Account Access for Derivatives Clearing Organizations
This act changes the rules for certain financial organizations to access Federal Reserve bank accounts. It allows more entities that clear financial transactions to use central bank services. The goal is to enhance financial system stability through improved risk management.
Key points
Expanding access to Federal Reserve accounts for derivatives clearing organizations not previously designated.
Requiring these organizations to apply risk management standards to ensure financial safety.
Allowing access to discount and borrowing privileges from the Federal Reserve, but only under specific conditions and safety rules.
Expired
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