Federal Reserve Act Amendments of 1979

[AI summary unavailable — showing source text] Federal Reserve Act Amendments of 1979 - 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. States that any depository institution which holds demand deposits, savings deposits subject to automatic transfers, or deposits subject to negotiable orders of withdrawal or similar instruments shall be entitled to the same discount and borrowing privileges as member banks. Repeals the requirement that time or demand notes, and time notes secured by mortgages on one-to four-family residences, must carry interest at specified rates in relation to the discount rate in order for a Federal Reserve bank to make advances on such …