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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Timeline

1. 22 September 1983

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 22 September 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 22 September 1983

  Open at official source

Sponsors

• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Proxmire, William [D-WI] · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Demand Deposit Deregulation Act