Interest Rate Reduction Act of 1982

Interest Rate Reduction Act of 1982 - Amends the Federal Reserve Act to require the Chairman of the Board of Governors of the Federal Reserve System to convene a meeting of the presidents of the twelve Federal Reserve banks for the purpose of encouraging the establishment of dual prime rate lending policies.

Requires the President of each bank to institute a lending policy which provides for below market interest rates to small business, farm, and other selected borrowers.

Requires semiannual reports to Congress concerning the implementation of dual prime rate policies.

Requires the Board of Governors and the Federal Open Market Committee to increase monetary aggregates and maintain stable interest rates . Requires the Board to report to Congress on its efforts to do so.

Allows the Board to permit an annual growth of nine to ten percent in the monetary aggregate known as M1 for 1982, and an annual growth rate for M1 of six to eight percent for 1983. Directs the Board to take appropriate actions to insure that interest rates will be stabilized at a level close to the historical average relationship between nominal interest rates and the rate of inflation.

Makes the term of office for members of the Board of Governors seven years. Terminates the term of office of the Chairman of the Board when the term of the President designating him or her expires.