Federal Reserve Requirements Act

Federal Reserve Requirements Act - Title I: Reserve Requirements of Member Banks and Other Depository Institutions - Amends the Federal Reserve Act to make transaction accounts at all federally insured depository institutions subject to reserve requirements set by the Federal Reserve. Defines "transaction account" as a deposit or account on which the depositor or account holder may make withdrawals by negotiable or transferable instrument for the purpose of making payments to third persons.

Imposes reserve requirements on demand deposits in every depository institution at a rate between seven and 22 percent as determined by the Board. Eliminates the use of different ratios for member banks not in reserve cities. Requires all depository institutions to maintain reserves against all other transaction accounts at ratios of three to 12 percent as determined by the Board. Requires every member bank to maintain reserves against its time and savings deposits, other than negotiable order of withdrawal accounts, at ratios between one-half and ten percent.

Exempts $5,000,000 of the transaction accounts of a depository institution from such reserve requirements. Authorizes the Board to impose reserve requirements of up to seven percent on such accounts upon a determination that such reserves are appropriate.

Directs that the transaction accounts of a depository institution established after June 30, 1978, be added to the transaction accounts of an affiliated institution for the purpose of determining reserve requirements if the affiliated depository institution is subject to reserve requirements. Provides a four-year transition period for nonmember banks to implement the reserve requirements of this Act.

Requires that reserves be maintained in the form of balances at a Federal Reserve Bank or as vault cash as determined by regulation or order of the Board, provided such requirements are identical for all depository institutions. Permits reserve balances to be maintained by member depository institutions in member banks or Federal Home Loan Banks provided such institutions pass the balances to a Federal Reserve Bank. Exempts such funds from reserve requirements or Federal deposit insurance assessments.

Title II: Conforming Amendments and Effective Date - Sets forth the effective date and makes conforming amendments for this Act.