To amend the Federal Reserve Act to require the payment of interest on reserves maintained at Federal reserve banks by insured depository institutions, and for other purposes.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Committee Hearings Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 106-983.
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 106-983.
Placed on the Union Calendar, Calendar No. 580.
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