The Council submitted a letter to the House Subcommittee on Financial Institutions and Monetary Policy for a hearing today titled “Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending.” The letter has been submitted for the record. It outlines the critical role the FHLBanks have played as financial first responders during market crises and notes that the FHLBanks and the Fed have distinct, but complementary, roles within the broader financial system. Click here to read the letter.
