Page:United States Statutes at Large Volume 120.djvu/2000

 PUBLIC LAW 109–351—OCT. 13, 2006

120 STAT. 1969

‘‘(B) REGULATIONS RELATING TO PAYMENTS AND DISTRIBUTIONS.—The Board may prescribe regulations concerning— ‘‘(i) the payment of earnings in accordance with this paragraph; ‘‘(ii) the distribution of such earnings to the depository institutions which maintain balances at such banks, or on whose behalf such balances are maintained; and ‘‘(iii) the responsibilities of depository institutions, Federal Home Loan Banks, and the National Credit Union Administration Central Liquidity Facility with respect to the crediting and distribution of earnings attributable to balances maintained, in accordance with subsection (c)(1)(A), in a Federal Reserve bank by any such entity on behalf of depository institutions. ‘‘(C) DEPOSITORY INSTITUTIONS DEFINED.—For purposes of this paragraph, the term ‘depository institution’, in addition to the institutions described in paragraph (1)(A), includes any trust company, corporation organized under section 25A or having an agreement with the Board under section 25, or any branch or agency of a foreign bank (as defined in section 1(b) of the International Banking Act of 1978).’’. (b) CONFORMING AMENDMENT.—Section 19 of the Federal Reserve Act (12 U.S.C. 461) is amended— (1) in subsection (b)(4)— (A) by striking subparagraph (C); and (B) by redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively; and (2) in subsection (c)(1)(A), by striking ‘‘subsection (b)(4)(C)’’ and inserting ‘‘subsection (b)’’. SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO ESTABLISH RESERVE REQUIREMENTS.

Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(2)(A)) is amended— (1) in clause (i), by striking ‘‘the ratio of 3 per centum’’ and inserting ‘‘a ratio of not greater than 3 percent (and which may be zero)’’; and (2) in clause (ii), by striking ‘‘and not less than 8 per centum,’’ and inserting ‘‘(and which may be zero),’’. SEC. 203. EFFECTIVE DATE.

12 USC 461 note.

The amendments made by this title shall take effect October 1, 2011.

TITLE III—NATIONAL BANK PROVISIONS SEC. 301. VOTING IN SHAREHOLDER ELECTIONS.

Section 5144 of the Revised Statutes of the United States (12 U.S.C. 61) is amended— (1) by striking ‘‘or to cumulate’’ and inserting ‘‘or, if so provided by the articles of association of the national bank, to cumulate’’; and

VerDate 14-DEC-2004

13:05 Jul 12, 2007

Jkt 059194

PO 00002

Frm 00713

Fmt 6580

Sfmt 6581

E:\PUBLAW\PUBL002.109

APPS06

PsN: PUBL002

�