[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1662 Introduced in House (IH)]

<DOC>






118th CONGRESS
  1st Session
                                H. R. 1662

   To direct the Board of Governors of the Federal Reserve System to 
establish and maintain a permanent emergency lending program to provide 
    member banks and other depository institutions with short-term 
                  liquidity against long-term assets.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 17, 2023

    Mr. Torres of New York introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To direct the Board of Governors of the Federal Reserve System to 
establish and maintain a permanent emergency lending program to provide 
    member banks and other depository institutions with short-term 
                  liquidity against long-term assets.

    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 ``Emergency Liquidity Act of 2023''.

SEC. 2. FEDERAL RESERVE SYSTEM PERMANENT EMERGENCY LENDING PROGRAM.

    The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended by 
inserting after section 10B the following:

``SEC. 10C. PERMANENT EMERGENCY LENDING PROGRAM.

    ``The Board of Governors of the Federal Reserve System shall 
establish and maintain a permanent emergency lending program under 
which a Federal reserve bank may provide short-term liquidity to member 
banks or other depository institutions pledging any collateral eligible 
for purchase by the Federal reserve banks in open market operations.''.
                                 <all>