IB 
Union Calendar No. 480 
113TH CONGRESS 
2D SESSION 
H. R. 3240 
[Report No. 113–640] 
To instruct the Comptroller General of the United States to study the impact 
of Regulation D, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 3, 2013 
Mr. PITTENGER (for himself and Mrs. CAROLYN B. MALONEY of New York) 
introduced the following bill; which was referred to the Committee on Fi-
nancial Services 
DECEMBER 2, 2014 
Additional sponsors: Mr. WESTMORELAND, Mr. COTTON, Mr. KING of New 
York, Mr. MICHAUD, Mr. STIVERS, Mr. VEASEY, Mr. PETERS of Michi-
gan, Mr. FITZPATRICK, Mr. ROSS, Mr. LUCAS, Mr. MURPHY of Florida, 
Mr. DAVID SCOTT of Georgia, Mr. FOSTER, Mr. ROTHFUS, Mr. KILMER, 
Mr. LUETKEMEYER, Mr. HONDA, Mr. COOK, Mr. AMODEI, Mr. RUIZ, Ms. 
NORTON, Mrs. NEGRETE MCLEOD, Mr. HUFFMAN, Mr. HECK of Nevada, 
Mr. VARGAS, Mr. COSTA, Mr. DENHAM, Mr. SWALWELL of California, 
Mr. LOWENTHAL, Mr. LATTA, Mr. TAKANO, Mr. LOEBSACK, and Mr. 
JOYCE 
DECEMBER 2, 2014 
Committed to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Regulation D Study 
Act’’. 
SEC. 2. GOVERNMENT ACCOUNTABILITY OFFICE STUDY. 
(a) STUDY.—The Comptroller General of the United 
States shall conduct a comprehensive study on the impact 
on depository institutions, consumers, and monetary policy 
of the requirement that depository institutions maintain 
reserves in accordance with subsections (b) and (c) of sec-
tion 19 of the Federal Reserve Act (12 U.S.C. 461) and 
Regulation D (12 C.F.R. 204). 
(b) MATTERS TO BE STUDIED.—In conducting the 
study under this section, the Comptroller General shall in-
clude the following: 
(1) An historic review of how the Board of Gov-
ernors of the Federal Reserve System has used re-
serve requirements to conduct United States mone-
tary policy, including information on how and when 
the Board of Governors has changed the required re-
serve ratio. 
(2) The impact of the maintenance of reserves 
on depository institutions, including the operational 
requirements and associated costs. 
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(3) The impact on consumers in managing their 
accounts, including the costs and benefits of the re-
serving system. 
(4) Alternatives the Board of Governors may 
have to the maintenance of reserves to effect mone-
tary policy. 
(c) CONSULTATION.—In conducting the study under 
this section, the Comptroller General shall consult with 
credit unions and community banks. 
(d) REPORT.—Not later than 1 year after the date 
of the enactment of this Act, the Comptroller General shall 
submit to Congress a report containing— 
(1) the results of the study conducted pursuant 
to this section; and 
(2) any recommendations based on such study. 
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Union Calendar No. 480 
113TH CONGRESS 
2D SESSION 
H. R. 3240 
[Report No. 113–640] 
A BILL 
To instruct the Comptroller General of the United 
States to study the impact of Regulation D, and 
for other purposes. 
DECEMBER 2, 2014 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Sep 11 2014 
21:18 Dec 02, 2014
Jkt 049200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H3240.RH
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