Vice Chair Philip N. Jefferson spoke at the 2026 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York, New York.
Primary: https://www.federalreserve.gov/newsevents/speech/jefferson20260922a.htm — Discount Window Modernization and Treasury Market Functioning. Last Update September 22, 2026. Last-Modified Tue, 22 Sep 2026 14:20:19 GMT.
PDF: https://www.federalreserve.gov/newsevents/speech/files/jefferson20260922a.pdf.
Three discount-window modernization dimensions: business process improvements and standardization across the 12 Reserve Banks; automation, including Discount Window Direct launched in 2024; and coordination with the Federal Home Loan Banks on collateral re-allocation.
Today, over 60 percent of discount window loan requests are submitted through Discount Window Direct.
Earlier this month the Federal Reserve Discount Window page, dated September 8, 2026, set out Borrower-in-Custody and collateral-pledge simplifications: simplified forms, faster enrollment, automated pledged loan lists, and centralized resources. Institutions can pledge several loan types while maintaining possession.
A 2024 Board request for information on discount window operations was followed by Ask the Fed sessions and Reserve Bank outreach.
Treasury securities used as discount window collateral can move same-day from a Fedwire Securities account into the discount window pledge account. The window is a shock absorber in stress, which reduces forced sales of Treasury securities. It supports repo and federal funds. March 2020 saw a sharp increase in Treasury securities pledged.
As-of Tue 22 Sep 2026. Federal Reserve.
