Summary: H.R.12706 — 95th Congress (1977-1978)All Information (Except Text)

There is one summary for H.R.12706. Bill summaries are authored by CRS.

Shown Here:
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.