Curb the Fed's excessive last-resort lending practices

What has happened

1. Feb 9, 2026 Not started

   Last-resort lending was not curbed and Congress voted to make it easier. The Federal Reserve's liquidity backstops all remain in place — the July 2026 implementation note keeps a standing overnight repurchase agreement facility with a $500 billion aggregate operation limit and the discount window operating at the primary credit rate — and the House passed H.R. 3390, the Bringing the Discount Window into the 21st Century Act, on February 9, 2026, which would require the Board to review discount window operations and consider expanding operating hours, improving the technology supporting "the timely provision of liquidity, including in times of financial stress", and ensuring "consistent access to the discount window across the Federal Reserve System". The Board has been moving the same way, surveying banks in May 2026 on discount window operating days and on their reserve-management practices.

   • H.R. 3390, Bringing the Discount Window into the 21st Century Act, as passed the House of Representatives

     Primary Congress Feb 9, 2026

   • Implementation Note issued July 29, 2026 — standing repurchase agreement facility and primary credit rate

     Primary Other Jul 29, 2026