Reserve Requirement Simplification Act of 1979

[AI summary unavailable — showing source text] Reserve Requirement Simplification Act of 1979 - 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. Establishes reserve requirements for member banks of the Federal Reserve System. Authorizes the imposition of reserve requirements exceeding the limits imposed by this Act for 30-day periods upon a finding that extraordinary circumstances require such action by at least five members of the Board after consultation with the appropriate committees of Congress. Phases in over a four year period any increase in reserves required by this Act. Directs the Board to prepare and publish a schedule of fees for Federal Reserve services and a set of pricing principles by July 1, 1979. Directs the Board to prepare a plan, subject to disapproval by either House of Congress, for the payment of interest on required reserve balances. Provides for the payment of interest on reserves not exceeding $6,000,000 until such plan takes effect.…