A bill to prohibit the Board of Governors of the Federal Reserve System from making funds available at a discount rate to private individuals, partnerships, and corporations.

Amends the Federal Reserve Act to repeal the authority of the Board of Governors of the Federal Reserve System, in unusual and exigent circumstances, to discount federal reserve bank-indorsed or -secured notes, drafts, and bills of exchange for private individuals, partnerships, or corporations unable to secure adequate credit accommodations from other banking institutions.