Summary

Requires the Board of Governors of the Federal Reserve to review how the Federal Reserve’s discount window functions and to fix any problems found. The Board must begin the review promptly after enactment, solicit public comment, produce a remediation plan if deficiencies are identified, report findings and the plan to Congress (with consultations with oversight bodies), provide testimony, and submit annual progress updates; reports may include a confidential annex for sensitive cybersecurity or financial‑stability details.

Key Points

• Mandates the Federal Reserve Board to review how the discount window operates and to address any problems found.
• Requires the review to begin promptly after enactment and to include a public comment period.
• If deficiencies are found, the Board must create and implement a remediation plan and report it to Congress.
• The Board must consult oversight bodies before submitting the report and provide testimony to Congress.
• Annual progress reports to Congress are required until remediation is complete or as ongoing oversight.
• Reports may include a confidential annex for sensitive cybersecurity or financial‑stability information.
• The change is an administrative oversight and transparency requirement; it does not change discount window lending authority or appropriations.
• Implementation will require staff time and resources at the Federal Reserve but does not specify new funding.

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