Federal Reserve Act Amendments

[AI summary unavailable — showing source text] Federal Reserve Act Amendments - Amends the Federal Reserve Act to authorize the Board of Governors of the Federal Reserve System to require specified depository institutions to submit to the Board such periodic financial reports as the Board determines to be necessary for it to control and monitor monetary and credit aggregates. Requires every bank subject to reserve requirements to maintain reserves at the rate of seven percent against the total of its demand deposits, savings deposits, and deposits subject to negotiable orders of withdrawal that exceed $50,000,000. Authorizes the Board to adjust this rate between six and eight percent. Requires reserves against time deposits with initial maturities of less than 180 days at a rate of six percent, which may be adjusted by the Board at levels between one and six percent. Requires reserves on time deposits with initial maturities of 180 days or more at the rate of one percent, which may be adjusted by the Board at levels between one and three percent. Preempts State reserve requirements for member banks and banks with required reserves greater than zero. Imposes reserve requirements on the sum of time deposits that exceed $50,000,00…