Page:United States Statutes at Large Volume 80 Part 1.djvu/860

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fslMt. 715. 40 Stat. 504.

PUBLIC LAW 89.597-SEPT. 21, 1966

minimum reserve ratio for any demand deposit shall be not less than 7 per centum and not more than 14 per centum. "(3) I n the case of any deposit other than a demand deposit, the minimum reserve ratio shall be not less than 3 per centum and not more than 10 per centum. "(c) Reserves held by any member bank to meet the requirements imposed pursuant to subsection (b) of this section shall be in the form of— " (1) balances maintained for such purpose by such bank in the Federal Reserve bank of which it is a member, and "(2) the currency and coin held by such bank, or such part thereof as the Board may by regulation prescribe." (b) The paragraphs which, prior to the amendments made by this Act, were the seventh (12 U.S.C. 374a), eighth (12 U.S.C. 374, 463), ninth (12 U.S.C. 464), tenth (12 U.S.C. 465), eleventh (12 U.S.C. 466), twelfth (12 U.S.C. 37la), and thirteenth (12 U.S.C. 371b) paragraphs of section 19 of the Federal Reserve Act are respectively redesignated as subsections (d), (e), (f), (g), (h), (i), and (]) of that section. (c) Such section is further amended by striking the first sentence ^^ subsection (j) as redesignated (12 U.S.C. 371) and inserting: "The Board may from time to time, after consulting with the Board of Directors of the Federal Deposit Insurance Corporation and the Federal Home Loan Bank Board, limit by regulation the rates of interest which may be paid by member banks on time and savings deposits. The Board may prescribe different rate limitations for different classes of deposits, for deposits of different amounts or with different maturities or subject to different conditions regarding withdrawal or repayment, according to the nature or location of member banks or their depositors, or according to such other reasonable bases as the Board may deem desirable in the public interest." (^) '^^® 1.^* paragraph of such section (12 U.S.C. 462a-l) and the proviso in section 8 of the Second Liberty Bond Act (31 U.S.C. 771) are repealed. RATE C E I L I N G S — I N S U R E D N O N M E M B E R

64 Stat. 893.

[80 STAT.

BANKS

SEC. 3. The second and third sentences of section 18(g) of the Federal Deposit Insurance Act (12 U.S.C. 1828(g)) are amended to read as follows: "The Board of Directors may from time to time, after consulting with the Board of Governors of the Federal Reserve System and the Federal Home Loan Bank Board, limit by regulation the rates of interest or dividends that may be paid by insured nonmember banks (including insured mutual savings banks) on time and savings deposits. The Board of Directors may prescribe different rate limitations for different classes of deposits, for deposits of different amounts or with different maturities or subject to different conditions regarding withdrawal or repayment, according to the nature or location of insured nonmember banks or their depositors, or according to such other reasonable bases as the Board of Directors may deem desirable in the public interest." RATE C E I L I N G S — S A VI N G S AND LOAN ASSOCIATIONS

64 Stat. 257.

SEC. 4. The Federal Home Loan Bank Act is amended by adding after section 5A thereof (12 U.S.C. 1425a) the following new section: "SEC. 5 B. The Board may from time to time, after consulting with the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation, limit by

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