Federal Reserve Membership Act

Summary

Federal Reserve Membership Act - Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System to prepare and publish a schedule of fees for its services and a set of pricing principles no later than July 1, 1979, and to put a fee schedule into effect no later than July 1, 1980. Directs the Board to pay interest on those reserves which member banks are required to maintain at a rate not in excess of the rate paid on United States Treasury bills with maturities of three months. Requires that the Board prepare a study on the feasibility and impact of permitting member banks to invest a percentage of their required reserves in United States Treasury securities.

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Timeline

1. 22 September 1978

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

2. 22 September 1978

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 22 September 1978

  Open at official source

Sponsors

• Sen. Schmitt, Harrison H. [R-NM] · R · Sponsor
• · ssbk00 · Standing

Related records

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