,,ii #aaith ,,congress #b;d ,session ,s4 #edfe ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bc1 #bjbf,ms4 ,cortez ,masto 7for herself and ,mr4 ,rounds7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,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 implement improvements to such 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 7a7 ,in general ,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 ,the ,board shall-- 7i7 not later than #fj days after the date of enactment of this paragraph1 commence a review of the discount window lending programs of the ,federal reserve banks2 and 7ii7 not later than #bdj days after the date of enactment of this ,act1 complete the review required under clause 7i74 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 measures implemented with respect to discount window operations2 7iv7 the effectiveness of communications between ,federal reserve banks1 financial institutions1 the ,board1 the ,federal ,deposit ,insurance ,corporation1 the ,comptroller of the ,currency1 the ,federal ,housing ,finance ,agency1 and the ,secretary of the ,treasury regarding discount window operations2 7v7 the effectiveness of the ,board in providing oversight of the discount window and in ensuring consistent access to the discount window across the ,federal ,reserve ,system2 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 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 ,federal reserve banks1 such as the ,fedwire ,funds ,service and ,fed,now ,service2 7viii7 the impact of mobile banking and instant communications technology on depositor behavior and liquidity risk posed to financial institutions1 including how the discount window can-- 7,i7 help financial institutions better respond to rapid liquidity shortfalls2 and 7,,ii7 prevent broader financial instability2 and 7ix7 the effectiveness of the discount window in light of the stigma associated with its usage1 ways to reduce such stigma1 and ways to improve access1 operational efficiency1 transparency1 and timeliness of the process for financial institutions seeking advances1 including on the pricing and other terms of such advances4 7,c7 ,remediation plan ,after the ,board completes the review required by subparagraph 7,a71 the ,board1 in consultation with the ,federal reserve banks1 shall-- 7i7 identify deficiencies with the discount window and areas for enhancing discount window effectiveness2 and 7ii7 develop a written plan to remediate the identified deficiencies and implement the identified enhancements1 which shall include-- 7,i7 an identification of actions that will be taken to enhance discount window effectiveness and remediate identified deficiencies2 7,,ii7 timelines and milestones for implementing the plan and measures to demonstrate how the implemented improvements will be maintained on an ongoing basis2 and 7,,iii7 measures of managing and controlling any deficiencies and current operations until the plan is implemented in full4 7,d7 ,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 shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate a report containing-- 7,i7 the findings of the review required by subparagraph 7,a72 and 7,,ii7 the remediation plan required by subparagraph 7,c74 7ii7 ,consultation ,before submitting the report required by clause 7i71 the ,board shall-- 7,i7 provide a copy of the proposed report to the ,comptroller of the ,currency1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 and the ,secretary of the ,treasury2 and 7,,ii7 provide the ,comptroller of the ,currency1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 and the ,secretary of the ,treasury with an opportunity to provide feedback on the report4 7iii7 ,testimony ,the ,chairman of the ,board shall1 at the semi-annual hearing required under section #b;,b1 testify with respect to the contents of the report required under this subparagraph4 7,e7 ,annual reports to ,congress 7i7 ,reports by the ,board ,the ,board shall submit to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate an annual report containing a review of the effectiveness of discount window operations and a progress report on the actions taken to implement the identified enhancements described in subparagraph 7,c74 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 in implementing the remediation plan required by subparagraph 7,c74 7,f7 ,confidential report information ,any report required under this paragraph may contain a confidential annex containing information that1 if made public1 could-- 7i7 impact monetary policy1 financial stability1 or cybersecurity2 or 7ii7 significantly endanger the financial stability of any financial institution4 4 7b7 ,sunset 7#a7 ,in general ,section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bda et seq47 is amended by striking paragraph 7#ab71 as added by subsection 7a7 of this section4 7#b7 ,effective date ,the amendments made by paragraph 7#a7 shall take effect on the date on which the ,board of ,governors of the ,federal ,reserve ,system notifies ,congress and publishes on a public website of the ,board that the remediation plan required under subparagraph 7,c7 of paragraph 7#ab7 of section #aj of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bda et seq471 as added by subsection 7a7 of this section1 has been fully implemented4