I 
119TH CONGRESS 
1ST SESSION H. R. 3390 
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 
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. 
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’’. 
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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 para-
graph, the Board of Governors shall commence 
a review of the discount window lending pro-
grams of the Federal reserve banks (the ‘dis-
count window’), and shall complete such review 
not later than 240 days after the date of enact-
ment of this paragraph. 
‘‘(B) CONTENTS.—The review required by 
subparagraph (A) shall include a consideration 
of— 
‘‘(i) the effectiveness of the discount 
window in providing liquidity to financial 
institutions, including in times of financial 
stress; 
‘‘(ii) whether the technology infra-
structure, including means of communica-
tions, are sufficient to support the timely 
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provision of liquidity, including in times of 
financial stress; 
‘‘(iii) the effectiveness of cybersecurity 
measures; 
‘‘(iv) the effectiveness of communica-
tions between Federal reserve banks re-
garding discount window operations; 
‘‘(v) the effectiveness of the Board of 
Governors in providing oversight of the 
discount window; 
‘‘(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; and 
‘‘(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 Board of 
Governors and Federal reserve banks, such 
as FedWire and FedNow. 
‘‘(C) PUBLIC COMMENT.—In carrying out 
the review required by subparagraph (A), the 
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Board of Governors shall provide the public 
with an opportunity to comment on the effec-
tiveness of discount window operations and to 
offer suggestions for improving operations. 
‘‘(D) REMEDIATION
PLAN.—After com-
pleting the review required by subparagraph (A) 
and considering any public comments received 
pursuant to subparagraph (C), the Board of 
Governors shall develop, and approve by a vote 
of the Board of Governors, a written plan to re-
mediate any identified deficiencies or areas for 
enhancing effectiveness of the discount window, 
which shall include— 
‘‘(i) an identification of actions that 
the Board of Governors will take to reme-
diate those deficiencies; 
‘‘(ii) timelines and milestones for im-
plementing the plan and measures to dem-
onstrate how the Board of Governors will 
maintain implemented improvements on an 
ongoing basis; and 
‘‘(iii) measures of managing and con-
trolling deficiencies until the plan is imple-
mented in full. 
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‘‘(E) 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, after approval by a vote of the Board 
of Governors, submit a report to the Com-
mittee on Financial Services of the House 
of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of 
the Senate containing— 
‘‘(I) the findings of the review re-
quired by subparagraph (A); and 
‘‘(II) the remediation plan re-
quired by subparagraph (D). 
‘‘(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 Gen-
eral of the United States and the In-
spector General of the Board of Gov-
ernors of the Federal Reserve System 
and the Bureau of Consumer Finan-
cial Protection; and 
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‘‘(II) provide the Comptroller 
General and Inspector General with 
an opportunity to provide feedback on 
the report. 
‘‘(iii) TESTIMONY.—The Chairman of 
the Board of Governors shall testify before 
the Committee on Financial Services of the 
House of Representatives and the Com-
mittee on Banking, Housing, and Urban 
Affairs of the Senate with respect to the 
contents of the report required under this 
subparagraph. 
‘‘(F) 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. 
‘‘(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-
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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 
Governors in implementing the remediation 
plan required by subparagraph (D). 
‘‘(G) CONFIDENTIAL
REPORT
INFORMA-
TION.—Any report required under this para-
graph may contain a confidential annex con-
taining information that details any cybersecu-
rity deficiencies or any deficiencies which, if 
made public, could cause financial instability.’’. 
Æ 
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