A bill to repeal limits on interest paid on savings, and for other purposes.

Summary

Extends until December 15, 1984, the authority of the Board of Governors of the Federal Reserve System to regulate the interest rate on deposits and accounts in insured institutions. Terminates such authority, and the authority of the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board to regulate the interest rate on deposits and accounts in financial institutions under their authority within five years of the enactment of this Act. Repeals the prohibition against the payment of interest on demand deposits by member banks of the Federal Reserve System and insured nonmember banks (including mutual savings banks). Removes restrictions on the elimination or reduction of interest rate differentials for any category of deposits between federally-insured banks and federally-insured savings and loan, building and loan or homestead associations within five years of the enactment of this Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 15 January 1979

  Open at official source

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