H.R.12706 - Federal Reserve Membership Act95th Congress (1977-1978)
|Sponsor:||Rep. Stanton, J. William [R-OH-11] (Introduced 05/12/1978)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 05/12/1978 Referred to House Committee on Banking, Finance and Urban Affairs. (All Actions)|
This bill has the status Introduced
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Summary: H.R.12706 — 95th Congress (1977-1978)All Information (Except Text)
Introduced in House (05/12/1978)
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.