An Act to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions, to promote the accountability of the Federal Reserve System, and for other purposes.
Public Law 95-188 · H.R. 9710 · 95th Congress · began in the House
Signed by Jimmy Carter (D) on Nov 16, 1977 · Finance and Financial Sector
Sponsor: Rep. Henry Reuss (D-WI-5)
Cosponsors: None
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
=Title I: Regulation of Interest Rates= - Extends the authority of the Board of Governors of the Federal Reserve System to regulate interest rates on deposits and accounts in insured institutions by one year until December 15, 1978.
=Title II: Amendments to the Federal Reserve Act= - Federal Reserve Reform Act - Amends the Federal Reserve Act to require the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to maintain the long-run growth of the monetary and credit aggregates commensurate with the economy's production potential.
Prohibits discrimination in the selection of the Board of Directors of the Federal Reserve System.
Requires Senate confirmation of the Chairman and Vice Chairman of the Board of Governors, effective in 1979. States that such officers will have four-year terms.
Makes it a criminal offense for a Federal Reserve Bank officer, employee, or director to participate in specified activities affecting personal financial interests.
=Title III: Amendments to the Bank Holding Company Act of 1956= - Amends the Bank Holding Company Act of 1956 to authorize the Board of Governors of the Federal Reserve System upon application of a bank holding company to extend the two-year period during which a company may dispose of shares acquired in the course of securing or collecting a debt.
Permits the waiver of the 30-day notice requirement for acquisitions of banks by holding companies and the immediate consummation of such transaction when the transaction would facilitate the acquisition of a failing bank.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 13 actions.
- Nov 16, 1977Became lawBecame law · Signed by President.
- PresidentPresident · Public Law 95-188.
- Nov 4, 1977PresidentPresident · Measure presented to President.
- Nov 3, 1977PresidentPresident · Measure enrolled in Senate.
- PresidentPresident · Measure enrolled in House.
- Nov 2, 1977Resolving differencesResolving differences · House agreed to Senate amendment.
- Nov 1, 1977FloorFloor · Measure passed Senate, amended.
- FloorFloor · Measure called up by unanimous consent in Senate.
- Oct 31, 1977FloorFloor · Measure passed House, amended, roll call #717 (395-3).House roll call 717
- FloorFloor · Measure called up under motion to suspend rules and pass in House.
- Oct 28, 1977CommitteeCommittee · Reported by House Financial Services Committee
- Oct 20, 1977CommitteeCommittee · Referred to House Financial Services Committee
- IntroducedIntroduced · Introduced in the House
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.