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 helps absorb market shocks by providing banks with reliable funding and reducing the risk of forced Treasury sales during periods of stress. A self-service portal now processes 60% of discount-window lending, allowing banks to work electronically with regional Fed banks instead of relying on phone calls. Jefferson emphasized that banks should be able to pledge U.S. Treasuries late in the day and receive same-day funding when arrangements are in place. At the same conference, New York Fed President John Williams defended the current ample-reserves framework for controlling interest rates and supporting financial-market functioning, while saying it can evolve with market conditions. His remarks came as the Federal Reserve reviews communications, data assessment and balance-sheet management under Fed Chair Kevin Warsh, who has criticized the central bank's large asset holdings and reserve-supply approach.