Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Summary
The bill amends the Federal Reserve Act to add a new requirement that all insured banks and credit unions must demonstrate they can obtain advances from the Federal Reserve’s discount window. Within one year of enactment each institution must conduct tests and show it has the operational systems, collateral and procedures needed, with large institutions testing at least quarterly and midsize institutions at least semi‑annually. The Federal Reserve, FDIC, OCC and NCUA must issue rules and make operational improvements, including an online platform and extended daily availability.
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