Demand Deposit Deregulation Act

Summary

Demand Deposit Deregulation Act - Amends the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners Loan Act to repeal prohibitions against payment of interest on demand deposits (NOW accounts) by Federal Reserve banks, by insured non-member banks and insured branches of foreign banks, and by Federal savings and loan associations or savings banks. Amends the Federal Reserve Act to exempt from reserve requirements: (1) any category of deposits or accounts first authorized under Federal law in any State after April 1, 1980; and (2) an amount equal to the amount by which current total demand deposits exceeds the amount of demand deposits held by an institution (located outside of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont) on a daily average basis during the 14-day period preceding the date of enactment of this Act. Requires the Depository Institutions Deregulation Committee to establish rules concerning the payment of interest on demand deposits. Repeals the requirement that the Committee meet in public at least quarterly.

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1 official file

• Introduced in Senate

  summary · EN · 22 September 1983

  Open at official source

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