Federal Reserve Act Amendments

Summary

Federal Reserve Act Amendments - Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to require specified depository institutions to submit to the Board such periodic financial reports as the Board determines to be necessary for it to control and monitor monetary aggregates. Subjects to reserve requirements any bank that is either an insured bank or is eligible to apply to become an insured bank under the Federal Deposit Insurance Act. Exempts savings and mutual savings banks as defined in such Act from reserve requirements. Requires such banks to maintain reserves against their reservable liabilities, as such term is defined in this Act, at a rate of six percent, or at such other rate between five and one-half and six and one-half percent as the Board may by requlation prescribe. Sets forth a formula for determining the amount of reservable liabilities held by such banks. Eliminates the use of different reserve ratios for member banks not in reserve cities. Authorizes the Board to impose reserve requirements outside the limits established by this Act for 30-day periods upon a finding that extraordinary circumstances require such action. Authorizes the Board to establish additional reserve requirements against: (1) net balances owed by domestic offices of banks in the United States to foreign offices or banks; and (2) loans to United States residents made by overseas offices of banks with offices in the United States. Grants certain privileges of member banks in the Federal Reserve System to nonmember banks maintaining reserves required by this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 11 August 1978

  Open at official source

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