An Act to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions.
Public Law 95-22 · H.R. 3365 · 95th Congress · began in the House
Signed by Jimmy Carter (D) on Apr 19, 1977 · Finance and Financial Sector
Sponsor: Rep. Fernand St. Germain (D-RI-1)
Cosponsors (5): Rep. Henry Reuss, Rep. James Hanley,
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:= Extends for nine months the effectiveness of provisions authorizing flexible regulation of maximum interest rates and open market operations in agency issues by Federal Reserve banks.
=Title II:= Amends the Federal Reserve Act to extend until November 1, 1978, the limitation on the aggregate amount of specified obligations of the United States which may be purchased or sold. Extends until October 31, 1978, the period during which direct purchases of the United States obligations may be made.
=Title III:= Amends the Federal Credit Union Act to remove specified requirements that State credit unions must fulfill in order to gain approval of their applications for insurance of members' accounts.
Empowers a Federal credit union to make loans and extend credit to members, other credit unions or, financial organizations. Permits credit unions to make loans to members in accordance with the following: (1) loans shall be made in conformity with criteria established by the board of directors and with standards enumerated in this Act; (2) a self-replenishing line of credit may be established to a stated maximum amount on certain terms and conditions which may be different than those for another borrower; (3) loans to other credit unions shall be approved by the board of directors; (4) loans to credit union organizations are not to exceed one percent of the paid-in and unimpaired capital and surplus of the credit union; and (5) participation loans shall be in accordance with written policies of the board of directors.
Prohibits a Federal credit union from making loans to its directors and to members of its supervisory credit committees.
Permits Federal credit unions to invest up to one percent of their total paid-in and unimpaired capital and surplus in the securities of organizations which strengthen or advance credit union development.
Makes various changes in the powers of Federal credit unions, including the power to sell all or part of its assets to another credit union, to purchase all or part of the assets of another credit union and to assume the liabilities of the selling credit union.
Revises the powers and duties of the credit committee of a Federal credit union. Makes changes with respect to loan limits; security for loans; the amount of funds to be set aside by the credit unions to protect itself from losses; and the issuance of dividends by the board of directors.
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. 20 actions.
- Apr 19, 1977Became lawBecame law · Signed by President.
- PresidentPresident · Public law 95-22.
- Apr 7, 1977PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in House.
- Apr 6, 1977PresidentPresident · Measure enrolled in Senate.
- Apr 5, 1977Resolving differencesResolving differences · House receded and concurred in Senate amendment.
- Resolving differencesResolving differences · House agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in House: House agreed to conference report.
- Apr 4, 1977Resolving differencesResolving differences · Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report filed in House, H. Rept. 95-160.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in House, H. Rept. 95-160.
- Mar 2, 1977Resolving differencesResolving differences · Conference scheduled in House.
- Mar 1, 1977Resolving differencesResolving differences · Conference scheduled in Senate.
- FloorFloor · Measure passed Senate, amended, in lieu of S. 756.
- FloorFloor · Measure called up by unanimous consent in Senate.
- FloorFloor · Measure passed House, amended, roll call #34 (401-4).House roll call 34
- Feb 22, 1977CommitteeCommittee · Reported by House Financial Services Committee
- Feb 9, 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.