,i  #aahth ,,congress  #b;d ,session    
,h4 ,r4 #hbhh  ,,in ,,the ,,house ,,of  
,,representatives  ,may #h1 #bjbd,mr4   
,barr introduced the following bill2    
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
require the ,board of ,governors of the 
,federal ,reserve ,system to carry out a
 review of discount window operations1  
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,bringing the ,discount ,window into the
 #bast ,century ,act4  #b4 ,review of   
discount window operations ,section #aj 
of the ,federal ,reserve ,act 7#ab      
,u4,s4,c4 #bda et seq47 is amended--    
7#a7 by redesignating paragraph 7#ab7 as
 paragraph 7#aa72 and  7#b7 by adding at
 the end the following3  7#ab7 ,review  
of discount window operations  7,a7 ,in 
general ,not later than #fj days after  
the date of enactment of this paragraph1
 the ,board of ,governors shall commence
 a review of the discount window lending
 programs of the ,federal reserve banks 

7the discount window71 and shall        
complete such review not later than #bdj
 days after the date of enactment of    
this paragraph4  7,b7 ,contents ,the    
review required by subparagraph 7,a7    
shall include a consideration of-- 7i7  
the effectiveness of the discount window
 in providing liquidity to financial    
institutions1 including in times of     
financial stress2  7ii7 whether the     
technology infrastructure1 including    
means of communications1 are sufficient 
to support the timely provision of      
liquidity1 including in times of        
financial stress2  7iii7 the            
effectiveness of cybersecurity measures2
  7iv7 the effectiveness of             
communications between ,federal reserve 
banks regarding discount window         
operations2  7v7 the effectiveness of   
the ,board of ,governors in providing   
oversight of the discount window2  7vi7 
how the discount window interacts with  
other providers of liquidity1 including 
the ,federal ,home ,loan ,banks1 during 

both normal operations and times of     
financial distress2 and  7vii7 the      
effectiveness of existing discount      
window operating hours and whether such 
hours should be expanded1 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 banks1 such as ,fed,wire and    
,fed,now4  7,c7 ,public comment ,in     
carrying out the review required by     
subparagraph 7,a71 the ,board of        
,governors shall provide the public with
 an opportunity to comment on the       
effectiveness of discount window        
operations and to offer suggestions for 
improving operations4  7,d7 ,remediation
 plan ,after completing the review      
required by subparagraph 7,a7 and       
considering any public comments received
 pursuant to subparagraph 7,c71 the     
,board of ,governors shall develop1 and 
approve by a vote of the ,board of      
,governors1 a written plan to remediate 

any identified deficiencies or areas for
 enhancing effectiveness of the discount
 window1 which shall include-- 7i7 an   
identification of actions that the      
,board of ,governors will take to       
remediate those deficiencies2  7ii7     
timelines and milestones for            
implementing the plan and measures to   
demonstrate how the ,board of ,governors
 will maintain implemented improvements 
on an ongoing basis2 and  7iii7 measures
 of managing and controlling            
deficiencies until the plan is          
implemented in full4  7,e7 ,report to   
,congress on review and plan  7i7 ,in   
general ,not later than #cfe days after 
the date of enactment of this paragraph1
 the ,board of ,governors shall1 after  
approval by a vote of the ,board of     
,governors1 submit a report to the      
,committee on ,financial ,services of   
the ,house of ,representatives and the  
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate          
containing-- 7,i7 the findings of the   

review required by subparagraph 7,a72   
7,,ii7 the remediation plan required by 
subparagraph 7,d72  7ii7 ,consultation  
,before submitting the report required  
by clause 7i71 the ,board of ,governors 
shall-- 7,i7 provide a copy of the      
proposed report to the ,comptroller     
,general of the ,united ,states and the 
,inspector ,general of the ,board of    
,governors of the ,federal ,reserve     
,system and the ,bureau of ,consumer    
,financial ,protection2 and  7,,ii7     
provide the ,comptroller ,general and   
,inspector ,general with an opportunity 
to provide feedback on the report4      
7iii7 ,testimony ,the ,chairman of the  
,board of ,governors shall testify      
before the ,committee on ,financial     
,services of the ,house of              
,representatives and the ,committee on  
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate with respect to the      
contents of the report required under   
this subparagraph4  7,f7 ,annual reports
 to ,congress  7i7 ,reports by the      

,board ,the ,board of ,governors shall  
submit an annual report to the          
,committee on ,financial ,services of   
the ,house of ,representatives and the  
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate          
containing a review of the effectiveness
 of discount window operations4  7ii7   
,reports by the ,inspector ,general ,the
 ,inspector ,general of the ,board of   
,governors of the ,federal ,reserve     
,system and the ,bureau of ,consumer    
,financial ,protection shall submit an  
annual report to the ,committee on      
,financial ,services of the ,house of   
,representatives and the ,committee on  
,banking1 ,housing1 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 7,d74  7,g7    
,confidential report information ,any   
report required under this paragraph may
 contain a confidential annex containing
 information that details any           

cybersecurity deficiencies or any       
deficiencies which1 if made public1     
could cause financial instability4  4