I 118th CONGRESS 1st Session H. R. 1662 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.

1. Short title This Act may be cited as the Emergency Liquidity Act of 2023 . 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: 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. .