S. 5465 — Bringing the Discount Window into the 21st Century Act

This section requires the Board of Governors of the Federal Reserve System to review discount window lending programs of the Federal Reserve banks, commencing within 60 days of enactment and completing within 240 days. The review must assess effectiveness in providing liquidity during stress, technology and cybersecurity infrastructure, interagency communications, oversight consistency, interactions with Federal Home Loan Banks, operating hours relative to Fedwire and FedNow, mobile banking impacts on liquidity risk, and stigma reduction. The Board must then develop a remediation plan with timelines and submit a report to the House Financial Services and Senate Banking Committees within 365 days, followed by annual progress reports from the Board and its Inspector General, with a sunset of the requirements.