Quote:
Originally Posted by nmap
In the event anyone wishes to read the draft - 106 pages of it - it is available at: LINK |
Section 128 changes an effective date for something in the Financial Services Regulatory Relief Act of 2006.
(from 10/1/2011 to 10/1/2008--Wednesday)
Section 202 of the (2006 Relief) Act reads:
Quote:
SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE BOARD TO ESTABLISH RESERVE REQUIREMENTS.
Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(2)(A)) is amended--
(1) in clause (i), by striking `the ratio of 3 per centum' and inserting `a ratio of not greater than 3 percent (and which may be zero)'; and
(2) in clause (ii), by striking `and not less than 8 per centum,' and inserting `(and which may be zero),'.
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(emphasis mine)
Does this mean what it looks like?