A bill entitled the "Bankers' Acceptances Act of 1981."

Summary

Amends the Federal Reserve Act to raise the ceiling on the aggregate amount of acceptances which are not fully secured which a member bank can create with respect to the importation, exportation, or domestic shipment of goods. Increases such limitation from one-half of capital stock to twice the amount of capital stock, or, with the Federal Reserve Board's special permission, three times the amount of capital stock. (Currently the Board cannot grant such permission for more than 100 percent of a member's capital stock.) Excludes from the computation of such aggregate any acceptance amounts where a member bank is covered by primary reimbursement obligations or by participation agreements from other banks or regulated corporations. Repeals the requirement that shipping documents be attached to acceptances arising from the domestic shipment of goods.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 14 October 1981

  Open at official source

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