Reserve Requirements Act

[AI summary unavailable — showing source text] Reserve Requirements Act - Requires, under the Federal Reserve Act, that every institution receiving demand deposits maintain reserves as determined by the Board of Governors of the Federal Reserve System in a ratio of not less than five percent nor greater that 20 percent of such deposits. Requires that every institution which allows withdrawals from interest- bearing accounts (known as negotiated order of withdrawal accounts) maintain reserves against such accounts in a ratio of not less than 3 nor more than 12 percent of such deposits. Requires institutions which receive time and savings deposits to maintain reserves in a ratio not less than one-half of one percent nor more than 8 percent of such deposits. Authorizes the Federal Reserve Banks to extend credit to nonmember institutions.…