The Federal Reserve is modernizing its discount window to make bank borrowing faster, more accessible and less operationally burdensome, supporting liquidity, financial stability and Treasury market functioning. Vice Chair Philip Jefferson said the facility provides reliable funding during stress, reducing the risk that banks will be forced to sell U.S. Treasuries at distressed prices. A self-service portal now processes 60% of discount-window lending, allowing banks to work electronically with regional Federal Reserve banks. Jefferson also emphasized that banks with the necessary arrangements should be able to pledge Treasuries late in the day and receive same-day funding. At the same September 22 conference, New York Fed President John Williams defended the Federal Reserve’s ample-reserves framework for controlling short-term interest rates and supporting core financial markets, while saying reserve supply and policy tools can evolve with market conditions. The remarks came as the central bank reviews communications, data assessment and balance-sheet management under Chair Kevin Warsh, who has criticized its large asset holdings and reserve-supply approach. Neither official addressed the economic or monetary-policy outlook, and no question-and-answer session was scheduled.