Competitive Savings Incentive Act of 1983

Summary

Competitive Savings Incentive Act of 1983 - Amends the Federal Reserve Act to provide that reserves held by the following may be in the form of vault cash, or as deposits in an Earnings Participation Account at a Federal Reserve Bank which shall receive earnings to be paid each month at the rate earned on the securities portfolio of the Federal Reserve System during that month: (1) any bank, savings and loan association or mutual or stock savings bank against accounts authorized by the Garn-St Germain Depository Institutions Act of 1982 or transaction accounts authorized after December 1, 1982; or (2) any insured credit union against any comparable accounts. Requires the earnings on such portfolio to be passed through on a prorated basis to the depository institutions which maintain reserves.

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1 official file

• Introduced in Senate

  summary · EN · 3 August 1983

  Open at official source

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