IB 
Union Calendar No. 191 
119TH CONGRESS 
1ST SESSION H. R. 3390 
[Report No. 119–234] 
To amend the Federal Reserve Act to require the Board of Governors of 
the Federal Reserve System to carry out a review of discount window 
operations and to implement improvements to such operations, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 14, 2025 
Ms. DE LA CRUZ (for herself, Mr. MEUSER, and Mr. LUCAS) introduced the 
following bill; which was referred to the Committee on Financial Services 
SEPTEMBER 4, 2025 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on May 14, 2025] 
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A BILL 
To amend the Federal Reserve Act to require the Board 
of Governors of the Federal Reserve System to carry 
out a review of discount window operations and to imple-
ment improvements to such operations, and for other 
purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Bringing the Discount 
Window into the 21st Century Act’’. 
SEC. 2. REVIEW OF DISCOUNT WINDOW OPERATIONS. 
Section 10 of the Federal Reserve Act (12 U.S.C. 241 
et seq.) is amended— 
(1) by redesignating paragraph (12) as para-
graph (11); and 
(2) by adding at the end the following: 
‘‘(12) REVIEW
OF
DISCOUNT
WINDOW
OPER-
ATIONS.— 
‘‘(A) IN GENERAL.—Not later than 60 days 
after the date of enactment of this paragraph, the 
Board of Governors shall commence a review of 
the discount window lending programs of the 
Federal reserve banks (the ‘discount window’), 
and shall complete such review not later than 
240 days after the date of enactment of this 
paragraph. 
‘‘(B) CONTENTS.—The review required by 
subparagraph (A) shall include a consideration 
of— 
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‘‘(i) the effectiveness of the discount 
window in providing liquidity to financial 
institutions, including in times of financial 
stress; 
‘‘(ii) whether the technology infrastruc-
ture, including means of communications, 
are sufficient to support the timely provi-
sion of liquidity, including in times of fi-
nancial stress; 
‘‘(iii) the effectiveness of cybersecurity 
measures implemented with respect to dis-
count window operations; 
‘‘(iv) the effectiveness of communica-
tions between Federal reserve banks, finan-
cial institutions, the Board of Governors, 
the Federal Deposit Insurance Corporation, 
the Comptroller of the Currency, and the 
Secretary of the Treasury regarding dis-
count window operations; 
‘‘(v) the effectiveness of the Board of 
Governors in providing oversight of the dis-
count window and in ensuring consistent 
access to the discount window across the 
Federal Reserve System; 
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‘‘(vi) how the discount window inter-
acts with other providers of liquidity, in-
cluding the Federal Home Loan Banks, 
during both normal operations and times of 
financial distress; 
‘‘(vii) the effectiveness of existing dis-
count window operating hours and whether 
such hours should be expanded, taking into 
account the interaction between discount 
window operating hours and the operating 
hours of payment systems of the Federal re-
serve banks, such as the Fedwire Funds 
Service and FedNow Service; 
‘‘(viii) the impact of mobile banking 
and instant communications technology on 
depositor behavior and liquidity risk posed 
to financial institutions, including how the 
discount window can— 
‘‘(I) help financial institutions 
better respond to rapid liquidity short-
falls; and 
‘‘(II) prevent broader financial 
instability; and 
‘‘(ix) the effectiveness of the discount 
window in light of the stigma associated 
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with its usage, ways to reduce such stigma, 
and ways to improve access, operational ef-
ficiency, transparency, and timeliness of the 
process for financial institutions seeking ad-
vances, including on the pricing and other 
terms of such advances. 
‘‘(C) REMEDIATION PLAN.—After the Board 
of Governors completes the review required by 
subparagraph (A), the Board of Governors, in 
consultation with the Federal reserve banks, 
shall— 
‘‘(i) identify deficiencies with the dis-
count window and areas for enhancing dis-
count window effectiveness; and 
‘‘(ii) develop a written plan to reme-
diate the identified deficiencies and imple-
ment the identified enhancements, which 
shall include— 
‘‘(I) an identification of actions 
that will be taken to enhance discount 
window effectiveness and remediate 
identified deficiencies; 
‘‘(II) timelines and milestones for 
implementing the plan and measures 
to demonstrate how the implemented 
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improvements will be maintained on 
an ongoing basis; and 
‘‘(III) measures of managing and 
controlling any deficiencies and cur-
rent operations until the plan is imple-
mented in full. 
‘‘(D) REPORT
TO
CONGRESS
ON
REVIEW 
AND PLAN.— 
‘‘(i) IN GENERAL.—Not later than 365 
days after the date of enactment of this 
paragraph, the Board of Governors shall 
submit a report to the Committee on Finan-
cial Services of the House of Representatives 
and the Committee on Banking, Housing, 
and Urban Affairs of the Senate con-
taining— 
‘‘(I) the findings of the review re-
quired by subparagraph (A); and 
‘‘(II) the remediation plan re-
quired by subparagraph (C). 
‘‘(ii) CONSULTATION.—Before submit-
ting the report required by clause (i), the 
Board of Governors shall— 
‘‘(I) provide a copy of the pro-
posed report to the Comptroller of the 
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Currency, the Federal Deposit Insur-
ance Corporation, and the Secretary of 
the Treasury; and 
‘‘(II) provide the Comptroller of 
the Currency, the Federal Deposit In-
surance Corporation, and the Secretary 
of the Treasury with an opportunity to 
provide feedback on the report. 
‘‘(iii) TESTIMONY.—The Chairman of 
the Board of Governors shall, at the semi- 
annual hearing required under section 2B, 
testify with respect to the contents of the re-
port required under this subparagraph. 
‘‘(E) ANNUAL REPORTS TO CONGRESS.— 
‘‘(i) REPORTS
BY
THE
BOARD.—The 
Board of Governors shall submit an annual 
report to the Committee on Financial Serv-
ices of the House of Representatives and the 
Committee on Banking, Housing, and 
Urban Affairs of the Senate containing a 
review of the effectiveness of discount win-
dow operations and a progress report on the 
actions taken to implement the identified 
enhancements described in subparagraph 
(C). 
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‘‘(ii) REPORTS
BY
THE
INSPECTOR 
GENERAL.—The Inspector General of the 
Board of Governors of the Federal Reserve 
System and the Bureau of Consumer Fi-
nancial Protection shall submit an annual 
report to the Committee on Financial Serv-
ices of the House of Representatives and the 
Committee on Banking, Housing, and 
Urban Affairs of the Senate containing a 
report on the progress of the Board of Gov-
ernors in implementing the remediation 
plan required by subparagraph (C). 
‘‘(F) 
CONFIDENTIAL
REPORT
INFORMA-
TION.—Any report required under this para-
graph may contain a confidential annex con-
taining information that, if made public, 
could— 
‘‘(i) impact monetary policy, financial 
stability, or cybersecurity; or 
‘‘(ii) significantly endanger the finan-
cial stability of any financial institution. 
‘‘(G) REPEAL.—This paragraph shall be re-
pealed on the date on which the Board of Gov-
ernors notifies the Congress and publishes on a 
public website of the Board of Governors that the 
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remediation plan required under subparagraph 
(C) has been fully implemented.’’. 
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Union Calendar No. 191 
119TH CONGRESS 
1ST SESSION 
H. R. 3390 
[Report No. 119–234] 
A BILL 
To amend the Federal Reserve Act to require the 
Board of Governors of the Federal Reserve Sys-
tem to carry out a review of discount window op-
erations and to implement improvements to such 
operations, and for other purposes. 
SEPTEMBER 4, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
21:31 Sep 04, 2025
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