A bill to provide for the payment of interest on reserves for depository institutions which make loans in distressed areas.

Summary

Requires the Board of Governors of the Federal Reserve System to pay interest on reserves held by depository institutions which: (1) agree to make loans, in a specified amount, to certain nonprofit neighborhood organizations and to businesses located in qualified census tracts or areas of chronic economic distress; (2) publicly disclose all information relating to the compliance with the provisions of the Community Reinvestment Act of 1977; (3) maintain a rating of one as determined under such Act; and (4) publicly disclose every six months the number, dollar amount, and recipients of loans made pursuant to this Act. Sets forth procedures to be followed by the Board of Governors before making any payment of interest on reserves. Declares that no loan made by a depository institution from amounts received as interest under this Act shall count toward satisfying the requirements of the Community Reinvestment Act of 1977. Prohibits the use of the interest payments received under this Act to increase the capital of any depository institution.

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1 official file

• Introduced in House

  summary · EN · 18 November 1983

  Open at official source

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