Federal Reserve Act Amendments of 1981

Federal Reserve Act Amendments of 1981 - Amends the Federal Reserve Act to require the Board of Governors of the Federal Reserve System to impose reserve requirements on the assets of money market mutual funds in such amounts and under such terms as the Board imposes reserve requirements on the transaction accounts of depository institutions (that is, any deposit or account on or from which the depositor or account holder is permitted to make withdrawals by negotiable instrument or other similar item for the purpose of making payments to third persons).

Amends the Depository Institutions Deregulation Act of 1980 to require the Depository Institutions Deregulation Committee to: (1) establish the maximum rate of return payable on funds invested in a money market mutual fund; and (2) establish other limitations and requirements on the terms and conditions on which shares of a money market mutual fund may be purchased.

Makes the Chairman of the Securities and Exchange Commission a nonvoting member of the Deregulation Committee.

Prohibits any money market mutual fund from: (1) being organized with a liquidity account of less than $2,500,000; or (2) declaring a dividend until its liquidity account exceeds $2,500,000 or 2.5 percent of its total outstanding liabilities, whichever is greater. Sets forth a schedule according to which any money market mutual fund engaged in business on March 1, 1981, may, at its option, establish a liquidity account to satisfy such requirements.

Requires the Board of Governors of the Federal Reserve to appoint examiners to examine each money market mutual fund at least twice a year, except that the Board may, when it deems advisable, waive one such examination or order additional examinations.

Requires the Board, at least once a year, to report to both Houses of Congress regarding the results of such examinations.

Requires each money market mutual fund to compile and make available to the public the number and total dollar amount of investments purchased during each fiscal year.

Exempts from the reserve and disclosure requirements set forth by this Act money market mutual funds which invest solely in local government general obligation bonds.

Sets forth penalties for the violation of any provision of this Act.