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The Federal Reserve Bank of New York
The Federal Reserve’s discount window needs fundamental reforms to bolster its usefulness as a lender of last resort (LoLR) in times of crisis, according to an influential group of financial policy experts.
A report published earlier today (January 9) by the Group of 30 on last year’s bank failures proposes a number of ways to improve the Fed’s LoLR mechanisms, including requiring banks to preposition enough collateral at the discount window to meet all runnable liabilities.
“In the case of
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