Consumer Savings Account Equity Act

Summary

Consumer Savings Account Equity Act - Amends the Federal Reserve Act, the Federal Deposit Insurance Act, and the Federal Home Loan Bank Act to require increases in the rate of interest on passbook savings accounts to the market rate of interest beginning five years after the enactment of this Act. Directs 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 Board to explain their economic rationale for setting the interest rate on passbook savings in their annual reports to the Congress after 1985. Reduces the amount of reserves which must be held against insured accounts in insured savings and loan associations. Increases Federal deposit insurance to a maximum of $100,000 per account. Amends the Home Owners' Loan Act of 1933 to empower Federal savings and loan associations to make consumer loans and deal in commercial paper, corporate debt securities, and bankers' acceptances provided such investments do not exceed 20 percent of the assets of an association.

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1 official file

• Introduced in House

  summary · EN · 20 December 1979

  Open at official source

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