Summary

Requires the Federal Reserve Board to review how the Fed’s discount window lending works, produce a remediation plan, and report findings to Congress and oversight offices on a set timeline. The Board must start the review within 60 days of enactment, finish it within 240 days, submit an initial report and remediation plan within 365 days, and provide ongoing annual progress reports and required testimony until the Board certifies full implementation. The law allows confidential annexes to reports, requires annual inspector general reports, and ends the new reporting requirement once the Board notifies Congress and posts that the remediation plan is fully implemented.

• Mandates a formal review of Federal Reserve discount window lending to begin within 60 days and finish within 240 days of enactment.
• Requires an initial report with a remediation plan to Congress within 365 days.
• Establishes ongoing annual progress reports by the Board and annual inspector general reports until implementation is certified.
• Permits confidential annexes to protect sensitive information in reports.
• Requires semiannual testimony by the Board Chair at the designated hearing until remediation is complete.
• Repeals the new reporting requirement once the Board notifies Congress and posts that the remediation plan is fully implemented.
• Focuses on oversight and transparency; does not itself change discount window rules or appropriate funding.
• Targets the Federal Reserve Board’s internal review, planning, and public oversight processes.