Federal Reserve Bank Stock Retirement Act

Summary

Federal Reserve Bank Stock Retirement Act - Amends the Federal Reserve Act to require every national bank to become a member of the Federal Reserve System by obtaining a certificate of membership in the Federal Reserve bank of its district, instead of subscribing and paying for stock. Requires every national banking association within each Federal Reserve district to obtain a certificate of membership in the Federal Reserve bank of such district. Provides that member banks of every Federal Reserve bank shall be individually responsible to the extent of six percent of the paid-up capital stock and surplus of such member bank for the contracts and debts of the appropriate Federal reserve bank. Declares that Federal Reserve banks shall have no capital stock. Requires the surrender of stocks held in each Federal Reserve bank within five years. Requires each Federal Reserve bank to pay each former stockholder the par value of such surrendered stock within ten years following such five year period.

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1 official file

• Introduced in House

  summary · EN · 13 September 1983

  Open at official source

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