Page:United States Statutes at Large Volume 94 Part 1.djvu/182

 PUBLIC LAW 96-221—MAR. 31, 1980

94 STAT. 132

Public Law 96-221 96th Congress

An Act Mar. 31, 1980 [H.R. 4986]

Depository Institutions Deregulation and Monetary Control Act of 1980. 12 USC 226 note. Monetary Control Act of 1980. 12 USC 226 note.

To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE

1. This Act may be cited as the "Depository Institutions Deregulation and Monetary Control Act of 1980". SECTION

TITLE I-MONETARY CONTROL ACT OF 1980 SHORT TITLE

SEC. 101. This title may be cited as the "Monetary Control Act of 1980". REPORTING REQUIREMENTS

Reports of assets and liabilities.

12 USC 461.

12 USC 1422.

SEC. 102. Section 11(a) of the Federal Reserve Act (12 U.S.C. 248(a)) is amended— (1) by inserting "(1)" after "(a)"; and (2) by adding at the end thereof the following new paragraph: "(2) To require any depository institution specified in this paragraph to make, at such intervals as the Board may prescribe, such reports of its liabilities and assets as the Board may determine to be necessary or desirable to enable the Board to discharge its responsibility to monitor and control monetary and credit aggregates. Such reports shall be made (A) directly to the Board in the case of member banks and in the case of other depository institutions whose reserve requirements under section 19 of this Act exceed zero, and (B) for all other reports to the Board through the (i) Federal Deposit Insurance Corporation in the case of insured State nonmember banks, savings banks, and mutual savings banks, (ii) National Credit Union Administration Board in the case of insured credit unions, (iii) Federal Home Loan Bank Board in the case of any institution insured by the Federal Savings and Loan Insurance Corporation or which is a member as defined in section 2 of the Federal Home Loan Bank Act, and (iv) such State officer or agency as the Board may designate in the case of any other type of bank, savings and loan association, or credit union. The Board shall endeavor to avoid the imposition of unnecessary burdens on reporting institutions and the duplication of other reporting requirements. Except as otherwise required by law, any data provided to any department, agency, or instrumentality of the United States pursuant to other reporting requirements shall be made available to the Board. The Board may classify depository

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