Monetary Policy Improvement Act of 1979

[AI summary unavailable — showing source text] Monetary Policy Improvement Act of 1979 - Amends the Federal Reserve Act to define the following terms: (1) "depository institution" includes any federally insured bank, mutual savings bank, credit union, or savings and loan institution: (2) "transaction account" means any deposit or account on which the deposit or account holder may make withdrawals by a negotiable or transferable instrument for the purpose of making payments to third persons; and (3) "bank" includes any insured or noninsured bank, excluding savings and mutual savings banks, as such terms are defined in the Federal Deposit Insurance Act. Authorizes the Board of Governors of the Federal Reserve System to require any depository institution to make such reports of its liabilities and assets as the Board determines are necessary to control monetary and credit aggregates. Imposes reserve requirements on the demand deposits and transaction accounts of banks in excess of $40,000,000 in a ratio of 13 percent. States that reserves shall be between 12 and 14 percent and that changes in the reserve ratio shall be made solely for the purpose of implementing monetary policy. Establishes reserve requirements on time and savings…