A bill to amend the Federal Reserve Act to provide that deposits of State and local governments will not be subject to reserve requirements, and for other purposes.
State and Local Government Cash Management Act of 1981 - Amends the Federal Reserve Act to provide that demand deposits of State and local governments shall not be subject to reserve requirements.
Amends the Depository Institutions Deregulation and Monetary Control Act to direct the Deregulation Committee to increase the limitation on the maximum rate of interest which may be paid on any demand deposits by State and local governments so that the maximum rate applicable to all such deposits is the same or is determined in the same manner.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Domestic Monetary Policy.
Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
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