S 960 · 96th Congress · Finance and Financial Sector

A bill to provide for the payment of interest on reserves held in Federal Reserve Banks.

Introduced 1979-04-10· Sponsored by Sen. Bellmon, Henry L. [R-OK]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Banking, Housing and Urban Affairs.(1979-04-10)

Plain Language Summary

[AI summary unavailable — showing source text] Amends the Federal Reserve Act to require each Federal Reserve bank to pay interest each month to each member bank on that bank's average reserve balance maintained with respect to the first $100,000,000 of the bank's deposits. Stipulates that the rate of payment shall be equal to the average yield on Treasury bills issued during the previous quarter.…

Summarized by Claude AI · Non-partisan · For informational purposes only