Bringing the Discount Window into the 21st Century Act
USA119th CongressHR-3390| House
| Updated: 2/11/2026
Monica De La Cruz
Republican Representative
Texas
Cosponsors (2)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
This bill, titled the "Bringing the Discount Window into the 21st Century Act," amends the Federal Reserve Act to require a thorough review and improvement of the Federal Reserve System's discount window lending programs. The Board of Governors must initiate this review within 60 days and complete it within 240 days of the bill's enactment. The primary goal is to ensure the discount window effectively provides liquidity to financial institutions, particularly during times of financial stress. The comprehensive review will examine various aspects, including the adequacy of technology infrastructure, cybersecurity measures, and communications among relevant financial agencies. It will also assess the effectiveness of Board oversight, the interaction with other liquidity providers like Federal Home Loan Banks, and the impact of mobile banking on liquidity risk. A key focus is on understanding and reducing the stigma associated with discount window usage, while improving access, operational efficiency, transparency, and timeliness of the lending process. Upon completion of the review, the Board, in consultation with Federal Reserve banks, must identify deficiencies and areas for enhancement. Subsequently, a written remediation plan must be developed, outlining specific actions, timelines, and milestones for implementation. This plan will also include measures for managing current operations until full implementation. The bill mandates that the Board submit a detailed report to Congress within 365 days, containing the review findings and the remediation plan, after consulting with the Comptroller of the Currency, FDIC, and Treasury. Furthermore, the Chairman of the Board of Governors is required to testify before Congress regarding the report's contents. The bill also establishes a requirement for annual reports from both the Board of Governors and its Inspector General to Congress, detailing the effectiveness of discount window operations and the progress of the remediation plan's implementation. This entire section of the Federal Reserve Act will be repealed once the Board certifies that the remediation plan has been fully implemented.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 1.
Placed on the Union Calendar, Calendar No. 191.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-234.
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H2076-2078; text: CR H2076-2077)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3390.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Banking and financial institutions regulationCongressional oversightCredit and credit marketsFederal Reserve SystemGovernment lending and loan guaranteesGovernment studies and investigationsMonetary policy
Bringing the Discount Window into the 21st Century Act
USA119th CongressHR-3390| House
| Updated: 2/11/2026
This bill, titled the "Bringing the Discount Window into the 21st Century Act," amends the Federal Reserve Act to require a thorough review and improvement of the Federal Reserve System's discount window lending programs. The Board of Governors must initiate this review within 60 days and complete it within 240 days of the bill's enactment. The primary goal is to ensure the discount window effectively provides liquidity to financial institutions, particularly during times of financial stress. The comprehensive review will examine various aspects, including the adequacy of technology infrastructure, cybersecurity measures, and communications among relevant financial agencies. It will also assess the effectiveness of Board oversight, the interaction with other liquidity providers like Federal Home Loan Banks, and the impact of mobile banking on liquidity risk. A key focus is on understanding and reducing the stigma associated with discount window usage, while improving access, operational efficiency, transparency, and timeliness of the lending process. Upon completion of the review, the Board, in consultation with Federal Reserve banks, must identify deficiencies and areas for enhancement. Subsequently, a written remediation plan must be developed, outlining specific actions, timelines, and milestones for implementation. This plan will also include measures for managing current operations until full implementation. The bill mandates that the Board submit a detailed report to Congress within 365 days, containing the review findings and the remediation plan, after consulting with the Comptroller of the Currency, FDIC, and Treasury. Furthermore, the Chairman of the Board of Governors is required to testify before Congress regarding the report's contents. The bill also establishes a requirement for annual reports from both the Board of Governors and its Inspector General to Congress, detailing the effectiveness of discount window operations and the progress of the remediation plan's implementation. This entire section of the Federal Reserve Act will be repealed once the Board certifies that the remediation plan has been fully implemented.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 1.
Placed on the Union Calendar, Calendar No. 191.
Reported (Amended) by the Committee on Financial Services. H. Rept. 119-234.
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H2076-2078; text: CR H2076-2077)
DEBATE - The House proceeded with forty minutes of debate on H.R. 3390.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Monica De La Cruz
Republican Representative
Texas
Cosponsors (2)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Banking and financial institutions regulationCongressional oversightCredit and credit marketsFederal Reserve SystemGovernment lending and loan guaranteesGovernment studies and investigationsMonetary policy