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Mandatory Bank Testing: Enhancing Emergency Borrowing for Financial Stability.

This law mandates that banks regularly test their ability to quickly borrow emergency funds from the Federal Reserve. The goal is to ensure the banking system is more resilient to crises, thereby protecting citizens' savings and guaranteeing continuous financial services. It also introduces operational improvements to make it easier and faster for banks to access aid when needed.
Key points
Banks must regularly demonstrate operational readiness to quickly access emergency loans from the Federal Reserve to prevent sudden liquidity problems.
The Federal Reserve must improve the emergency lending system, including extending access hours (until 8 p.m.) and creating a secure online platform for borrowing.
The law simplifies procedures for smaller banks to pledge collateral, including using small business loans as security for emergency funds.
article Official text account_balance Process page
Expired
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No votes cast
Additional Information
Print number: 118_S_4799
Sponsor: Sen. Warner, Mark R. [D-VA]
Process start date: 2024-07-25
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Discount Window Enhancement Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4799.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-25.

What are the main provisions?

Key points include:

  • Banks must regularly demonstrate operational readiness to quickly access emergency loans from the Federal Reserve to prevent sudden liquidity problems.
  • The Federal Reserve must improve the emergency lending system, including extending access hours (until 8 p.m.) and creating a secure online platform for borrowing.
  • The law simplifies procedures for smaller banks to pledge collateral, including using small business loans as security for emergency funds.
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 Sen. Warner, Mark R. [D-VA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy