A bill to permit the payment of interest on demand deposits held by depository institutions.
Demand Deposit Deregulation Act - Amends the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners Loan Act to repeal prohibitions against payment of interest on demand deposits (NOW accounts) by Federal Reserve banks, by insured non-member banks and insured branches of foreign banks, and by Federal savings and loan associations or savings banks.
Amends the Federal Reserve Act to exempt from reserve requirements: (1) any category of deposits or accounts first authorized under Federal law in any State after April 1, 1980; and (2) an amount equal to the amount by which current total demand deposits exceeds the amount of demand deposits held by an institution (located outside of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, and Vermont) on a daily average basis during the 14-day period preceding the date of enactment of this Act.
Requires the Depository Institutions Deregulation Committee to establish rules concerning the payment of interest on demand deposits.
Repeals the requirement that the Committee meet in public at least quarterly.
Read twice and referred to the Committee on Banking.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line