HR 4947 · 97th Congress · Finance and Financial Sector

State and Local Government Cash Management Act of 1981

Introduced 1981-11-12· Sponsored by Rep. Lundine, Stanley N. [D-NY-39]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.(1981-12-01)

Plain Language Summary

[AI summary unavailable — showing source text] State and Local Government Cash Management Act of 1981 - Amends the Federal Reserve Act to provide that demand deposits of State and local governments shall not be subject to reserve requirements. Amends the Depository Institutions Deregulation and Monetary Control Act to direct the Deregulation Committee to increase the limitation on the maximum rate of interest which may be paid on any demand deposits by State and local governments so that the maximum rate applicable to all such deposits is the same or is determined in the same manner.…

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