A bill to extend certain laws relating to the payment of interest on time and saving deposits, to prohibit depository institutions from permitting negotiable orders of withdrawal to be made with respect to any deposit or account on which any interest or dividends is paid, and for other purposes.

Summary

Extends until 1975 the authority of the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, the Board of Directors of the Federal Deposit Insurance Corporation, and the Federal Home Loan Bank to regulate the interest rates on deposits and share accounts in financial institutions. (Amends 12 U.S.C. 461nt.) Prohibits depository institutions from permitting negotiable orders of withdrawal to be made with respect to any deposit or account on which interest or dividends are paid. Extends the authority of the Federal Deposit Insurance Corporation to include interest and dividends paid on deposits by noninsured banks. (Amends 12 U.S.C. 1828(g))

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Documents

1 official file

• Introduced in House

  summary · EN · 7 February 1973

  Open at official source

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