Description: TO PASS H.R. 6370. (SEE ROLL CALL 133).
Bill summary: (LATEST SUMMARY)
Extends through 1974 the authority of the Federal Reserve System to regulate interest rates or dividends payable by financial institutions.
Provides means whereby private financial institutions can assist in providing housing, particularly for families of low- or moderate-income, by purchasing stock of, and investing in loans to, any such State housing corporation situated in the particular State in which the Federal savings and loan association or national bank involved is
Provides for premium payments by insured savings and loan associations to the Federal Savings and Loan Insurance Corporation.
Requires each insured institution to make such deposits in the Corporation as may from time to time be required by call of the Federal Home Loan Bank Board.
Provides that no depository institution shall allow the owner of a deposit or account on which interest or dividends are paid to make withdrawals by negotiable or transferable instruments for the purpose of making transfers to third parties, except that such withdrawals may be made in the States of Massachusetts and New Hampshire. Exempts credit unions from such requirement.
State Taxation of Depositories Act - Provides that, from enactment until January 1, 1976, no State or political subdivision thereof may impose any tax measured by income or receipts or any other "doing business" tax on any insured depository not having its principal office within such State.
Directs the Advisory Commission on Intergovernmental Relations to make a study of all pertinent matters relating to the application of State "doing business" taxes on out-of-State commercial banks, mutual savings banks, and savings and loan associations. Requires the Commission to make a report of such study no later than December 31, 1974.
Authorizes to be appropriated to the Commission such sums as may be necessary to carry out the provisions of this section.
Click to hide full description.
Bill titles: An Act to extend certain laws relating to the payment of interest on time and savings deposits, to prohibit depository institutions from permitting negotiable orders of withdrawal to be made with respect to any deposit or account on which any interest or dividend is paid, to authorize Federal savings and loan associations and national banks to own stock in and invest in loans to certain State housing corporations, and for other purposes.; A bill to extend certain laws relating to the payment of interest on time and savings deposits, to prohibit depository institutions from permitting negotiable orders of withdrawal to be made with respect to any deposit or account on which any interest or dividend is paid, to authorize Federal savings and loan associations and national banks to own stock in and invest in loans to certain State housing corporations.
Original source documents: Digest of the Congressional Record vol. 119-70, p. H3486;
Links for more info on the vote: congress.gov