Anti Inflation and Anti-Recession Money Supply Control Act of 1979

Anti-Inflation and Anti-Recession Money Supply Control Act of 1979 - Amends the Federal Reserve Act to direct the Federal Open Market Committee to conduct its open-market operations to reduce the rate of annual growth in the money supply by specified increments to eventually establish a permanent annual growth rate between two and one-half and three and one-half percent by the fourth quarter of 1984. Authorizes the Federal Open Market Committee to vary the rate of annual growth in the money supply by a vote of nine of its twelve members followed by an immediate report to the Banking Committees of both Houses of Congress.

Defines "money supply" as the sum of coin and currency held by the public outside the Treasury, Federal Reserve banks, and vaults of commercial banks plus funds held in any depository institution in demand deposits and savings deposits subject to automatic transfers or orders of withdrawal excluding domestic interbank deposits and deposits of the United States Government.