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Strengthening Bank Stability: Review and Modernization of Fed Emergency Lending.

This Act mandates the Federal Reserve to conduct a thorough review of its emergency lending mechanism for banks, known as the "discount window." The goal is to ensure the system is technologically sound, cyber-secure, and capable of providing rapid liquidity during financial stress. While focused on banks, these changes aim to enhance overall financial stability, indirectly protecting citizens' deposits and access to credit.
Key points
Requires a comprehensive review of how the Federal Reserve lends money to banks, focusing heavily on technology infrastructure, cybersecurity measures, and operating hours.
The public will be given an opportunity to comment and offer suggestions for improving the effectiveness of this critical financial tool.
Following the review, the Fed must develop a written remediation plan to fix identified weaknesses and ensure faster support for the banking system when needed.
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Expired
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Additional Information
Print number: 118_HR_8288
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2024-05-08
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Bringing the Discount Window into the 21st Century Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8288.

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 2024-05-08.

What are the main provisions?

Key points include:

  • Requires a comprehensive review of how the Federal Reserve lends money to banks, focusing heavily on technology infrastructure, cybersecurity measures, and operating hours.
  • The public will be given an opportunity to comment and offer suggestions for improving the effectiveness of this critical financial tool.
  • Following the review, the Fed must develop a written remediation plan to fix identified weaknesses and ensure faster support for the banking system when needed.
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. Barr, Andy [R-KY-6].

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 2025-12-25.

CATEGORIES

Economy