H.R.4209 - Bank Reserves Modernization Act of 2000106th Congress (1999-2000)
|Sponsor:||Rep. Kelly, Sue W. [R-NY-19] (Introduced 04/06/2000)|
|Committees:||House - Banking and Financial Services|
|Committee Reports:||H. Rept. 106-983|
|Latest Action:||House - 10/17/2000 Placed on the Union Calendar, Calendar No. 580. (All Actions)|
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Summary: H.R.4209 — 106th Congress (1999-2000)All Information (Except Text)
Bank Reserves Modernization Act of 2000 - Amends the Federal Reserve Act to declare that depository institution balances maintained at a Federal reserve bank may receive earnings to be paid by the Federal reserve bank at least once each calendar quarter. Limits the rate to the general level of short-term interest rates.
Reported to House with amendment(s) (10/17/2000)
Authorizes the Board of Governors of the Federal Reserve System to prescribe implementing regulations.
Requires the Federal reserve banks to transfer certain surplus funds into the general fund of the Treasury to cover the net cost of such interest payments for FY 2001 through 2005. Prohibits a Federal reserve bank from replenishing its surplus fund by the amount of any such transfer.