S 547 · 94th Congress · Interest
A bill to amend section 19 of the Federal Reserve Act and section 18 of the Federal Deposit Insurance Act to provide for the payment of interest on deposits of public funds by the United States.
Bill Progress
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Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Referred to Senate Committee on Banking, Housing and Urban Affairs.(1975-02-03)
Plain Language Summary
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Revises the Federal Reserve Act and the Federal Deposit Insurance Act to provide for the payment of interest by Member banks and insured banks under such Acts on deposits of public funds by the United States at a rate of not less than one percentage point below the Federal funds rate.…
Summarized by Claude AI · Non-partisan · For informational purposes only