H.R.5723: To amend the Federal Home Loan Bank Act to allow Federal home loan banks to invest surplus funds in student loan securities and make advances for student loan financing, and for other purposes.

Emergency Student Loan Market Liquidity Act - Amends the Federal Home Loan Bank Act to allow federal home loan banks to: (1) invest surplus funds in student loan securities; (2) accept student loans and student loan-related securities as collateral; and (3) provide secured long-term advances to member banks so that they can finance the origination of student loans or purchase or finance student loan-related securities.

Limits the application of this Act to Federal Family Education Loans (FFELs) made under the Higher Education Act of 1965.

Makes the banks' authority effective for investments and advances made between February 1, 2008, and two years after this Act's enactment.