Eurocurrency Market Control Act of 1979

[AI summary unavailable — showing source text] Eurocurrency Market Control Act of 1979 - Amends the Federal Reserve Act to require the Federal Reserve Board to establish reserve requirements on certain Eurocurrency liabilities and other transactions of foreign branches and agencies of member and nonmember banks, Federal or State branches and agencies of foreign banks operating within the United States, and certain corporations (Edge Act corporations) engaging in international or foreign banking or financial operations. Stipulates that such reserve ratios for deposits shall not be less than ten percent nor more than 22 percent. Stipulates that such reserve ratios shall be reduced by 75 percent during the first calendar year, 50 percent during the second calendar year, and 25 percent during the third calendar year. States that such reductions shall take effect upon the determination by the Chairman of the Federal Reserve Board that countries representing 75 percent of all foreign-denominated deposits within banks and other financial institutions in their jurisdiction have agreed to adopt comparable reserve requirements on Eurocurrency liabilities and other transactions. Requires the Chairman to report to the appropriate committee…