S. 3462 (95th): A bill to provide for the maintenance of reserves by member banks through certificates of deposits issued by the Federal Reserve Banks and to reduce and restructure reserve requirements.

Introduced:
Aug 24, 1978 (95th Congress, 1977–1978)
Status:
Died (Referred to Committee)
Sponsor
Edward Brooke III
Senator from Massachusetts
Party
Republican
 
Status

This bill was introduced on August 24, 1978, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 24, 1978
Referred to Committee Aug 24, 1978
 
Summary

No summaries available.

Cosponsors
none
Committees

Senate Banking, Housing, and Urban Affairs

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


8/24/1978--Introduced.
Amends the Federal Reserve Act to require every member bank to maintain reserves against its demand deposits at a rate between three and ten percent as determined by the Federal Reserve Board. Requires member banks to maintain reserves against savings deposits from which transfers to third parties may be made at a rate between two and seven percent as determined by the Board. Imposes reserve requirements for all other time and savings deposits at a rate between one and seven percent as determined by the Board. Requires the Board to establish uniform reserve ratios applicable to all member banks.
Directs that the required reserves held by any depository institution be in the form of balances maintained in a Federal Reserve Bank and in the currency and coin held by such institution.
Permits such balances to be used in their entirety to purchase non-transferable and nonassignable certificates of deposit issued by the appropriate Federal Reserve Bank. Requires such certificates to pay interest at a rate of one-half of one percent below the average return on the Federal Reserve System portfolio.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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