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A.-2J17 66th CONGRESS 2nd Session, II, 2» 12379 1 In the house of R e p r e s e n t a t i v e s , February 6, 1920. Mr. Steaga.ll introduced t h e following b i l l ; which was r e f e r r e d to the Committee on Banking and Currency and ordered t o be p r i n t e d . A BILL Amending s e c t i o n 13 of the Act approved December 23, l ^ l j , known a s the Federal Reserve Act, a s amended by t h e Act approved March 3, 1915 ( T h i r t y - e i g h t h S t a t u t e s , chapter 93, page 958); Act approved September 7, 1916 ( T h i r t y - n i n t h S t a t u t e s , chapter 46l, page 752); Act approved June 21, 1917 ( F o r t i e t h S t a t u t e s , chapter 32, page 232). Be i t enacted by the Senate and House of R e p r e s e n t a t i v e s of the United S t a t e s of America i n Congress assembled, TLat ssuticn. 13 of the Act approved December 23, 1913* known a s the Federal Reserve Act, a s amended by the Act approved March 3, 1915 ( T h i r t y - e i g h t h S t a t u t e s , chapter 93# page 958); Act approved September 7, 1916 ( T h i r t y - n i n t h S t a t u t e s , chapter 46l, page 752); Act approved June 21, 1917 ( F o r t i e t h S t a t u t e s , chapter 32, page 232), be amended a s f o l l o w s ; That paragraph 1 of said s e c t i o n be amended by s t r i k i n g out a f t e r the word "charges" the words " t o be determined and regulated by t h e Federal Reserve Board" and by s t r i k i n g out t h e semicolon a f t e r t h e word "otherwise" and subs t i t u t i n g a period and s t r i k i n g out the words "but no such charges s h a l l be made a g t i n s t t h e Federal reserve banks", so t h a t the paragraph will read: "Sec, 13- Any Federal reserve bank may receive from any of i t s 902 I -2- X-2017 member banks, and from t h e United S t a t e s , d e p o s i t s of current funds i n l a w f u l money, national-bank n o t e s , Federal reserve notes^ or checks, and d r a f t s payable upon p r e s e n t a t i o n , and, a l s o , f o r c o l l e c t i o n , maturing notes and b i l l s , or, s o l e l y f o r purposes of exchange or of c o l l e c t i o n , nay r e c e i v e from other Federal reserve banks d e p o s i t s of current funds i n l a w f u l money, national-bank n o t e s , or. checks upon other Federal reserve banks, and checks and d r a f t s , payable upon p r e s e n t a t i o n w i t h i n i t s d i s t r i c t , and maturing n o t e s and b i l l s payable w i t h i n i t s d i s t r i c t ; or, solely f o r t h e purposes of exchange or of c o l l e c t i o n , may receive from any nonmember bank or t r u s t company d e p o s i t s of current funds in l a w f u l money, national*. bank n o t e s , Federal reserve n o t e s , checks, and d r a f t s payable upon p r e s e n t a t i o n , or maturing n o t e s and b i l l s : provided, That such nonmember bank or t r u s t company maintains with t h e Federal reserve bank of i t s d i s t r i c t a balance s u f f i c i e n t to o f f s e t the items i n t r a n s i t held f o r i t s account by the Federal reserve bank: Provided f u r t h e r , That nothing i n t h i s or any o t h e r s e c t i o n £f t h i s Act^shall be^ construed a s p r o h i b i t i n g a member or nonmember bank Srom making reasonable charges, but iq, no c a s t t o exceed 10 cents per $100 or f r a c t i o n t h e r e o f , based on the t o t a l of checks and d r a f t s p r e s e n t e d a t any one time f o r c o l l e c t i o n or payment of checks and d r a f t s and remission t h e r e f o r by exchange or o t h e r w i s e . "
@FedFRASER