S.Amdt. 2338

SA 2338. Ms. WARREN submitted an amendment intended to be proposed by
her to the bill S. 1582, to provide for the regulation of payment
stablecoins, and for other purposes; which was ordered to lie on the
table; as follows:
At the appropriate place, insert the following:

SEC. ___. BAILOUTS PROHIBITED.

(a) No Access to Emergency Liquidity Facilities.--With
respect to an emergency liquidity facility established under
section 13(3) of the Federal Reserve Act (12 U.S.C. 343)--
(1) a payment stablecoin issuer may not have access to such
a facility; and
(2) the Board may not facilitate indirect access to such a
facility for a payment stablecoin issuer through a depository
institution, bank holding company, branch or agency of a
foreign bank, or any other financial institution.
(b) Prohibition on Use of Exchange Stabilization Fund.--The
Secretary of the Treasury may not use any amounts in the
Exchange Stabilization Fund for the benefit of any issuer of
a payment stablecoin.
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