Emergency Liquidity Act of 2023

I 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 mem- ber 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 emer- gency 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Emergency Liquidity 4 Act of 2023’’. 5 VerDate Sep 11 2014 05:13 Mar 30, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1662.IH H1662 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 1662 IH SEC. 2. FEDERAL RESERVE SYSTEM PERMANENT EMER- 1 GENCY LENDING PROGRAM. 2 The Federal Reserve Act (12 U.S.C. 221 et seq.) is 3 amended by inserting after section 10B the following: 4 ‘‘SEC. 10C. PERMANENT EMERGENCY LENDING PROGRAM. 5 ‘‘The Board of Governors of the Federal Reserve Sys- 6 tem shall establish and maintain a permanent emergency 7 lending program under which a Federal reserve bank may 8 provide short-term liquidity to member banks or other de- 9 pository institutions pledging any collateral eligible for 10 purchase by the Federal reserve banks in open market op- 11 erations.’’. 12 Æ VerDate Sep 11 2014 05:13 Mar 30, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H1662.IH H1662 kjohnson on DSK79L0C42PROD with BILLS