According to your text, borrowing from the Fed's discount window is a privilege, not a right, of depository institutions.

Name: According to your text, borrowing from the Fed's discount window is a privilege, not a right, of depository institutions.
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Borrowing from the Fed's discount window is considered a privilege because it is at the discretion of the Federal Reserve to provide these loans to depository institutions, and not all institutions may be eligible or granted access under all circumstances.

According to Your Text, Borrowing from the Fed's Discount Window