A bill to amend the Federal Reserve Act to mandate discount window testing, and for other purposes.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4585 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4585 To amend the Federal Reserve Act to mandate discount window testing, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES May 20, 2026 Mr. Warner (for himself and Mr. Kennedy) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To amend the Federal Reserve Act to mandate discount window testing, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Discount Window Preparedness Act''. SEC. 2. DEMONSTRATION OF ABILITY TO USE THE DISCOUNT WINDOW. (a) In General.--Section 10B of the Federal Reserve Act (12 U.S.C. 347b) is amended by adding at the end the following: ``(c) Requirement for Depository Institutions To Demonstrate Ability To Seek Advances.-- ``(1) Definitions.--In this subsection: ``(A) Appropriate congressional committees.--The term `appropriate congressional committees' means the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. ``(B) Depository institution.--The term `depository institution' means-- ``(i) any institution the deposits of which are insured under the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.); or ``(ii) an insured credit union, as defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752). ``(2) Requirements.--Not later than 1 year after the date of enactment of this subsection, any depository institution operating in the United States that is eligible to seek advances under this section shall, pursuant to regulations prom