A bill to amend the Federal Reserve Act to provide that deposits of State and local governments will not be subject to reserve requirements, and for other purposes.

openUnited States· United States Congress· EN

Introduced

30 September 1981

Last action

—

Status

Committee on Banking received executive comment from Federal Deposit Insurance Corporation.

Summary

Amends the Federal Reserve Act to provide that demand deposits of State and local governments shall not be subject to reserve requirements. Amends the Depository Institutions Deregulation and Monetary Control Act to direct the Deregulation Committee to increase the limitation on the maximum rate of interest which may be paid on any demand deposits by State and local governments so that the maximum rate applicable to all such deposits is the same or is determined in the same manner.

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Documents

1 official file

Introduced in Senate
summary · EN · 30 September 1981
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/97th-congress/senate-bill/1686
Open data entity: https://api.congress.gov/v3/bill/97/s/1686