Reserve Requirements of Depository Institutions — 1996-12-31 [96-33159]

In conjunction with a final rule printed elsewhere in today's Federal Register, the Board of Governors of the Federal Reserve System is proposing to amend its Regulation D regarding reserve requirements of depository institutions issued pursuant to section 19 of the Federal Reserve Act, in order further to reduce regulatory burden and simplify and update requirements. This proposal would clarify the definition of ``savings deposit,'' consistent with comments the Board received on its earlier proposal, and similarly clarify the definition of ``transaction account'' and conform it to the amended definition of ``savings deposit.'' This proposal is in accordance with the Board's policy of regular review of its regulations and the Board's review of its regulations under section 303 of the Riegle Community Development and Regulatory Improvement Act of 1994.