A bill to amend the Federal Reserve Act to provide an eight-year transitional period with respect to reserve requirements for certain depository institutions which withdrew from membership in the Federal Reserve System.

Amends the Federal Reserve Act to require any bank which was a member of the Federal Reserve System on July 1, 1979, and which withdrew from such membership during the period beginning on July 1, 1979, and ending on March 20, 1980, to maintain reserves beginning on the date of the enactment of this Act in an amount equal to the amount of reserves required to be maintained by depository institutions under such Act.