Analyst Brief March 03, 2026

H.R. 3390 — Bringing the Discount Window into the 21st Century Act, as amended

Current Status
Reported with an amendment

Executive Summary

H.R. 3390 mandates a comprehensive review of the Federal Reserve's discount window operations. This review aims to assess and improve the efficiency, accessibility, and security of these operations, particularly in light of modern technological advancements and potential financial instability. The bill requires the Board of Governors to report findings and remediation plans to Congress, ensuring greater oversight and accountability. This legislation responds to concerns about the effectiveness of the discount window during times of financial stress and seeks to modernize its functions.

Bill Data

Primary Sponsor
Ms. DE LA CRUZ
Bill Number
H. R. 3390
Co-Sponsors
Mr. MEUSER, Mr. LUCAS

Arguments For

  • Modernizing the discount window can enhance financial stability and prevent broader economic crises.
  • Improved discount window operations can provide greater access to liquidity for financial institutions, especially during times of stress.
  • Increased transparency and oversight of the Federal Reserve can build public trust and confidence in the financial system.
Likely Supporters
Financial reform advocatesOrganizations focused on economic stability

Arguments Against

  • The review and implementation of improvements may be costly and time-consuming for the Federal Reserve.
  • Some may argue that this bill represents an overreach of Congressional authority into the operations of the Federal Reserve.
  • The required reports to Congress could be seen as burdensome and may not lead to meaningful improvements.
Likely Opponents
Groups concerned about government overreachThose who believe the Federal Reserve should operate independently

📋 Key Provisions

  • Requires the Board of Governors of the Federal Reserve System to conduct a review of discount window operations.
  • Mandates the implementation of improvements to discount window operations based on the review.
  • Requires a report to Congress on the findings of the review and the planned improvements.
  • Requires annual reports to Congress on the effectiveness of discount window operations and progress on implementing identified enhancements.

🔍 Verification Guide

BETA
Claim Analysis Page 3, Line 14

The Board of Governors must commence a review within 60 days of enactment.

Verify Text

"“(A) IN GENERAL.—Not later than 60 days"

Claim Analysis Page 3, Line 19

The review must be completed within 240 days of enactment.

Verify Text

"not later than 240 days after"

Claim Analysis Page 7, Line 9

A report to Congress is due 365 days after enactment.

Verify Text

"Not later than 365 days after"

Claim Analysis Page 4, Line 10

The review must consider cybersecurity measures.

Verify Text

"effectiveness of cybersecurity measures implemented"

Claim Analysis Page 3, Line 7

The bill amends Section 10 of the Federal Reserve Act.

Verify Text

"Section 10 of the Federal Reserve"

Generated by The Capitol Wire AI • Verification Required

← Back to Dashboard