A bill to amend the Federal Reserve Act to require the payment of interest on reserve deposits and to require availability of the same amount of reserves for low-cost and medium-priced construction and mortgage loans.

Amends the Federal Reserve Act to require the payment of interest at a rate not less than one percent below the current Federal Reserve discount rate on reserve deposits.

Requires the Federal Reserve System to make available, on a priority basis, an amount equal to the total reserves the system has on deposit with any Federal Reserve bank for low-cost and medium-priced construction and mortgage loans. Sets forth the following priorities for such loans: (1) construction loans for such low-cost medium-priced residences; (2) short-term mortgages for such housing; and (3) intermediate and long-term mortgages on residences intended to be used as residences by the purchasers.