Monetary Control Act of 1979

[AI summary unavailable — showing source text] Monetary Control 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. Requires federally-insured banks and other depository institutions to maintain reserves in the Federal Reserve System. Establishes the following categories of deposits for the purpose of determining reserve requirements: (1) "category A deposits" which include the total amounts of demand deposits, savings deposits subject to automatic transfers, and deposits subject to negotiable orders of withdrawal or other similar instruments in: (a) insured banks or banks eligible for insured status under the Federal Deposit Insurance Act; (b) insured institutions or institutions eligible for insured status under the National Housing Act; and (c) insured credit unions or credit unions eligible for insured status under the Federal Credit Union Act; (2) "category B deposits" which include the total amount of time deposits with initial maturities of less than 180 days in in…