Bringing the Discount Window into the 21st Century Act

This bill requires the Federal Reserve Board to review its discount window lending program - where banks borrow short-term funds during financial stress - within 240 days of enactment. The review must assess the program’s effectiveness, technology, cybersecurity, communications, operating hours, and coordination with other liquidity providers, while also seeking public input. After the review, the Fed must create a written remediation plan to address deficiencies, including specific actions, timelines, and metrics for improvement. The Fed must then report findings and the plan to Congress within one year, followed by annual progress updates. This applies directly to the Federal Reserve and financial institutions relying on the discount window for emergency liquidity.