A bill to effectuate the congressional directive that accounts established under section 327 of the Garn-St Germain Depository Institutions Act of 1982 be directly equivalent and competitive with money market mutual funds.

Amends the Federal Reserve Act to permit the payment of interest on reserves held by any bank, savings and loan association, credit union, or mutual savings bank against accounts which are equivalent to and competitive with money market mutual funds under the Garn-St Germain Depository Institutions Act of 1982.