Federal Reserve Act Amendments

[AI summary unavailable — showing source text] Federal Reserve Act Amendments - Authorizes the Board of Governors of the Federal Reserve System to require the following depository institutions to submit periodic reports of assets and liabilities to the Board: (1) member banks; (2) State nonmember banks insured by the Federal Deposit Insurance Corporation; (3) Federally insured credit unions; and (4) any institution insured by the Federal Savings and Loan Insurance Corporation or which has subscribed for the stock of a Federal Home Loan Bank. Removes existing requirements for the maintenance of reserves against deposits by member banks. Makes the maintenance of such reserves by member banks optional. Sets forth effective dates for this Act.…