S.Amdt. 2338

Here is the plain-sense breakdown of what this amendment is all about, keeping our elected officials accountable to the people who voted for them.

What the amendment does:

• It stops payment stablecoin issuers from getting any help from emergency liquidity facilities under section 13(3) of the Federal Reserve Act.
• It blocks the Board from helping these stablecoin issuers get indirect access to those same emergency facilities through banks, bank holding companies, foreign bank branches or agencies, or any other financial institution.
• It forbids the Secretary of the Treasury from using any money in the Exchange Stabilization Fund to benefit any issuer of a payment stablecoin.

The purpose:

• The explicit purpose is to completely prohibit bailouts for payment stablecoin issuers by cutting off their access to emergency government funds and indirect funding workarounds.