Bringing the Discount Window into the 21st Century Act

HR3390, titled 'Bringing the Discount Window into the 21st Century Act,' was introduced in the House on May 14, 2025, and has seen significant activity, including being reported by the Committee on Financial Services on September 4, 2025, and placed on the Union Calendar. Most recently, on February 9, 2026, a motion was made to suspend the rules and pass the bill, as amended. This indicates active legislative momentum for the bill. The bill mandates that the Board of Governors of the Federal Reserve System conduct a review of its discount window operations within 240 days of enactment. This review must consider the sufficiency of technology infrastructure, cybersecurity measures, and the effectiveness of communications and oversight. Following the review, the Federal Reserve is required to develop a remediation plan to address any identified deficiencies, including establishing timelines and milestones. The bill does not authorize or appropriate specific funding amounts; rather, it directs the Federal Reserve to undertake these actions, which would be funded through its existing operational budget. The potential for future technology upgrades, however, could create contract opportunities for financial technology providers. Structural beneficiaries of this legislation, should it lead to significant infrastructure upgrades, include technology providers specializing in financial services. Companies like Fidelity National Information Services, Inc. ($FIS), Mastercard Incorporated ($MA), and Visa Inc. ($V) could benefit from increased demand for modern financial infrastructure, payment systems, and cybersecurity solutions. The bill's focus on the discount window's interaction with other liquidity providers and payment systems like FedWire and FedNow suggests a broad scope for potential technological enhancements. The bill is sponsored by Rep. De La Cruz (R-TX), with two cosponsors, and has been referred to two committees, indicating bipartisan interest and a structured legislative path. Looking at recent market data, Fidelity National Information Services, Inc. ($FIS) is currently trading at $46.68, near its 52-week low of $44.48, and has experienced a 7-day change of -1.62% and a 30-day change of -7.71%. Mastercard Incorporated ($MA) is at $501.5, with a 7-day change of +1.52% and a 30-day change of -4.41%. Visa Inc. ($V) is at $303.33, with a 7-day change of +1.27% and a 30-day change of -5.15%. These recent price movements do not directly reflect the legislative progress of HR3390, as the bill's potential impact on these companies is indirect and contingent on future Federal Reserve actions. The bill's current status is that it has been reported by committee and a motion to pass has been made, indicating it is moving through the House. If passed by the House, it would then move to the Senate for consideration.