Emergency Liquidity Act of 2023

Hozzl · 2023-12-15T15:55:45Z

Explore the details of House Bill 1662 Emergency Liquidity Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 3:55 PM

Summary of Bill HR 1662

Bill 118 hr 1662, also known as the Emergency Liquidity Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to provide emergency liquidity to financial institutions in times of crisis.

The bill outlines a framework for the Federal Reserve to provide emergency loans to banks and other financial institutions that are facing liquidity shortages. These loans would be provided at a low interest rate and would be intended to help stabilize the financial system during times of economic turmoil.

Additionally, the bill includes provisions for increased oversight and transparency in the Federal Reserve's emergency lending programs. This is aimed at ensuring that the funds are being used responsibly and that the public is informed about how the money is being distributed. Overall, the Emergency Liquidity Act of 2023 is designed to provide a safety net for financial institutions in times of crisis and to prevent a collapse of the financial system. It is an important piece of legislation that aims to protect the stability of the US economy.

Congressional Summary of HR 1662

Emergency Liquidity Act of 2023

This bill requires the Board of Governors of the Federal Reserve System to establish and maintain a permanent emergency lending program through which a Federal reserve bank may provide short-term liquidity to member banks or other depository institutions that pledge collateral eligible for purchase by the Federal reserve banks in open market operations.

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Current Status of Bill HR 1662

Bill HR 1662 is currently in the status of Bill Introduced since March 17, 2023. Bill HR 1662 was introduced during Congress 118 and was introduced to the House on March 17, 2023. Bill HR 1662's most recent activity was Referred to the House Committee on Financial Services. as of March 17, 2023

Bipartisan Support of Bill HR 1662

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1662

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 1662

Emergency Liquidity Act of 2023

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.