[Federal Reserve's Bowman: The Effectiveness of the Liquidity Regulation Framework Should Be Reviewed, Reform the Discount Window Mechanism] According to a report by Jinse Finance, Federal Reserve Governor Bowman delivered a speech titled 'Liquidity Resilience, Financial Stability, and the Role of the Federal Reserve' at a roundtable hosted by the Capital Markets Regulation Committee. In the speech, he pointed out that 15 years after the global financial crisis, it is necessary to reassess whether the current bank liquidity regulation framework has genuinely enhanced the resilience of the financial system, rather than merely appearing effective on a compliance level. The current prudential liquidity framework primarily includes tools such as the Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), Internal Liquidity Stress Testing (ILST), and resolution planning, which theoretically help banks cope with short-term withdrawals and long-term market shocks. However, without fundamental reforms to the discount window to make it a truly usable and consistently regulated liquidity backstop, the banking system will continue to build additional buffers by hoarding high-quality liquid assets, thereby constraining credit supply and increasing the demand for reserves, forcing the Federal Reserve to maintain a larger balance sheet. Future reforms should focus on whether regulatory requirements genuinely translate into systemic resilience and carefully evaluate the potential impacts of liquidity regulations on bank behavior and the macroeconomy.