Reserve Requirements Act of 1982

Summary

Reserve Requirements Act of 1982 - Amends the Federal Reserve Act to require any financial intermediary entity, at prescribed intervals, to make reports of its assets, liabilities, and capital in order to enable the Board of Governors of the Federal Reserve System to monitor and control monetary and credit aggregates. Defines the term 'financial intermediary' as a company: (1) which is registered with the Securities and Exchange Commission; and (2) whose investment portfolio consists primarily of short-term financial assets with maturities of 13 months or less. Requires each financial intermediary to maintain reserves against its shares, units, or liabilities defined as transaction accounts and nonpersonal time deposits, and against all or a portion of its assets. Permits the Board to vary such reserve requirements but restricts them to the range of ratios set forth by the Federal Reserve Act. Permits the Board to exempt from such requirements shares, units, liabilities, assets, or other interests of such financial intermediaries if such reserves are determined unnecessary. Makes a financial intermediary ineligible for extensions of credit from the Federal Reserve banks and not entitled to receive any of their bank services, except those incidental to maintaining a required reserve balance. Requires a financial intermediary to hold its reserves in the form of balances maintained in the Federal Reserve bank in whose district it is located.

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Timeline

1. 29 April 1982

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 29 April 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 April 1982

   Introduced

   Introduced in House

   Source: IntroReferral

4. 17 May 1982

   Referred

   Referred to Subcommittee on Domestic Monetary Policy.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 29 April 1982

  Open at official source

Sponsors

• Del. Fauntroy, Walter E. [D-DC-At Large] · D · Sponsor
• · hsba00 · Standing

Related records

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