A bill to amend the Federal Reserve Act to eliminate the prohibition on the payment of interest on demand deposits and to allow federally insured savings and loan associations and credit unions to receive demand deposits, and for other purposes.
Consumer Checking Account Equity Act of 1979 - Amends the Federal Reserve Act to repeal the prohibition on the payment of interest on demand deposits. Allows federally insured savings and loan associations regulated by the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board or the Federal Savings and Loan Insurance Corporation and insured credit unions regulated by the National Credit Union Board to receive demand deposits.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
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