Page:United States Statutes at Large Volume 94 Part 1.djvu/190

 94 STAT. 140

PUBLIC LAW 96-221—MAR. 31, 1980

(5) by striking out "sufficient to offset the items in transit held for its account by the Federal reserve bank" and inserting in lieu thereof "in such amount as the Board determines taking into account items in transit, services provided by the Federal Reserve bank, and other factors as the Board may deem appropriate"; and (6) by inserting "or other depository institution" after "prohibiting a member or nonmember bank". (b)(1) The second paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 412) is amended— (A) by inserting before the period at the end of the third sentence the following: ", or assets that Federal Reserve banks QL^^^ 353-359, may purchase or hold under section 14 of this Act"; and "^^^^ (B) by adding at the end thereof the following: "Collateral shall not be required for Federal Reserve notes which are held in the vaults of Federal Reserve banks.". (2) Section 14(b)(1) of the Federal Reserve Act (12 U.S.C. 355), as such section is in effect on the effective date of this title and as it will be in effect on June 1, 1981, is amended by inserting after "reclamation districts," the following: "and obligations of, or fully guaranteed as to principal and interest by, a foreign government or agency thereof,". (c) The thirteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 360) is amended— (1) by striking out "member banks" each place it appears therein and inserting in lieu thereof "depository institutions"; (2) by striking out "member bank" each place it appears therein and inserting in lieu thereof "depository institution"; and (3) by inserting after "checks" each place it appears therein, the following: "and other items, including negotiable orders of withdrawal and share drafts". (d) The fourteenth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 248(o)) is amended by striking out "its member banks" and inserting in lieu thereof "depository institutions". (e) The first sentence of section 19(e) of the Federal Reserve Act (12 U.S.C. 463) is amended to read as follows: "No member bank shall keep on deposit with any depository institution which is not authorized to have access to Federal Reserve advances under section 10(b) of 12 USC 347b. this Act a sum in excess of 10 per centum of its own paid-up capital and surplus.". (f) The last subsection of section 19 of the Federal Reserve Act (12 U.S.C. 505) is amended by striking out "(j)(l)" and inserting in lieu thereof "(1)(1)". ABOLITION OF PENALTY RATE

12 USC 347b.

SEC. 106. Section 10(b) of the Federal Reserve Act (12 U.S.C. 374b) is amended by striking out the second sentence of the first paragraph. PRICING OF SERVICES

SEC. 107. The Federal Reserve Act is amended by inserting after section 11 the following new section: "PRICING OF SERVICES

12 USC 248a. Ante, p. 132.

"gEC. 11 A. (a) Not later than the first day of the sixth month after the date of enactment of the Monetary Control Act of 1980, the Board shall publish for public comment a set of pricing principles in

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