Federal Reserve Act Amendments of 1981

Summary

Federal Reserve Act Amendments of 1981 - Amends the Federal Reserve Act to fix the term of office of future members of the Board of Governors of the Federal Reserve System at eight years. Provides that any person appointed to be a member of the Board after the date of enactment of this Act, shall not be eligible for reappointment after serving a full term of eight years. Permits a Federal Reserve bank to increase or reduce the rates applicable to advances and discounts by not more than one percentage point without review or determination by the Board of Governors if: (1) the sum of the amount of the proposed increase or reduction and the total amount of increases or reductions of the same rate or rates during the preceding twelve-month period by that bank does not exceed two percentage points; and (2) the differential between the rate or rates established by that Federal Reserve bank and the rate or rates established by any other Federal Reserve bank would not, after the increase or reduction, exceed three percentage points. Requires the Board of Governors to establish procedures to limit access to any rate which may be established pursuant to this Act for a district and which is lower than a rate established by another Federal Reserve bank to borrowers located in the district in which the Federal Reserve bank establishing the lower rate is located.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 18 November 1981

  Open at official source

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