Reserve Requirements Act

Summary

Reserve Requirements Act - Requires, under the Federal Reserve Act, that every institution receiving demand deposits maintain reserves as determined by the Board of Governors of the Federal Reserve System in a ratio of not less than 5 percent nor greater that 22 percent of such deposits. Exempts the first $2,000,000 of the total of net demand deposits and negotiable order of withdrawal (NOW) accounts from reserve requirements set by the Federal Reserve. Provides that the required reserves on demand deposits over $2,000,000 existing at the time of enactment are to be phased out over a 4-year period, at the rate of 20 percent of the total requirement per year. Requires the reporting of deposit liabilities by member and nonmember institutions subject to reserve requirements set by the Federal Reserve. (Amends 12 U.S.C. 461)

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1 official file

• Introduced in Senate

  summary · EN · 28 January 1974

  Open at official source

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