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To: JF Quinnelly who wrote (109)	3/28/2001 8:55:12 PM
From: Ilaine	Respond to of 443

The Monetary Control Act of 1980 only permits the Fed. to impose a reserve requirement of 8% to 14% of transaction deposits (checking accounts) and up to 9% of non-personal time deposits (those not held by an individual or sole proprietorship. The Fed. can also impose a reserve requirement of any size on the amount depository institutions owe, on a net basis, to their foreign affilliates or foreign banks. The Fed may not impose reserve requirments against personal time deposits except in extraordinary circumstances, after consultation with Congress, and by the affirmative vote of at least five of the seven members of the Board of Governors. The Fed does not at this time impose a reserve requirement on non-personal time deposits. There is no reserve requirement on M2, M3, or MZM.