An Act to permit domestic banks to pay interest on time deposits of foreign governments at rates differing from those applicable to domestic depositors
PL 87-827 (H.R.12080), enacted 10/15/1962

76 STAT.] 
PUBLIC LAW 87-827-OCT. 15, 1962 
953 
Date 
July 16,1892_. 
Apr. 29,1902 
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Do 
Jan. 5,1923 
Statutes at Large 
Chapter 
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Volume 
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Page 
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Revised 
Statutes 
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338 
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4200 
United States Code 
Title 
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15 
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15 
15 
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Section 
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1 As amended b y Acts of Feb. 14, 1903, ch. 552, § 10, 32 Stat. 829; Aug. 23, 1912, ch. 350, $ 1, 37 Stat. 407; 
Mar. 4,1913. ch. 141, § 1, 37 Stat. 736; Jan. 25,1919, ch. 10, 40 Stat. 1055; Mar. 1,1919, ch. 86,40 Stat. 1266. 
» As amended b y Acts of Feb. 14, 1903, ch. 552, $ 10, 32 Stat. 829; Aug. 23,1912, ch. 350, $ 1, 37 Stat. 407; 
Mar. 4,1913, ch. 141, § 1, 37 Stat. 736; Mar. 1, 1919, ch. 86, 40 Stat. 1256. 
»As amended b y Acts of Mar. 3, 1893, ch. 211, § 1, 27 Stat. 689; Feb. 14, 1903, ch. 552, S 10, 32 Stat. 829; 
Aug. 23,1912, ch. 350, § 1, 37 Stat. 407; Mar. 4, 1913, ch. 141, 1 1 , 37 Stat. 736. 
« As amended b y Acts of Mar. 3, 1875, ch. 129, $ 1, 18 Stat. 352; Feb. 14, 1903, ch. 552, § 10,32 Stat. 829; 
Aug. 23,1912, ch. 350, § 1,37 Stat. 407; Mar. 4,1913, ch. 141, § 1,37 Stat. 736; Mar. 1, 1919, ch. 86, 40 Stat. 1256. 
»As amended by Acts of Aug. 23,1912, ch. 350, § 1, 37 Stat. 407; Mar. 1,1919, ch. 86, 40 Stat. 1256. 
• As amended b y Acts of Feb. 14, 1903, ch. 552, § 10, 32 Stat. 829; Aug. 23, 1912, ch. 350, § 1, 37 Stat. 407; 
Mar. 4,1913, ch. 141, § 1, 37 Stat. 736; Mar. 1,1919, ch. 86, 40 Stat. 1256. 
» Only part referring to form of annual statements on commerce and navigation as amended b y Acts of 
Feb. 14,1903, ch. 552, S 10, 32 Stat. 829; Mar. 4,1913, ch. 141, 11, 37 Stat. 736. 
> As amended b y Acts of Jan. 12, 1895, ch. 23, § 17, 28 Stat. 603; Feb. 14, 1903, ch. 552, § 10, 32 Stat. 829; 
Mar. 4,1913, ch. 141, § 1, 37 Stat. 736. 
« As amended b y Acts of Feb. 14,1903, ch. 552,32 Stat. 829; Mar. 4,1913, ch. 141, 37 Stat. 736; Apr. 7,1948, 
ch. 177, 62 Stat. 161. 
» As amended b y Acts of June 16, 1938, ch. 476, $ 2, 52 Stat. 759; June 29, 1938, ch. 821, 52 Stat. 1248. 
SEC. 4. The provisions of this Act shall take effect one hundred and 
emhty days after approval, except that the last sentence of section 337, 
"Fifth" of the Revised Statutes, and the requirement for oaths as 
found in section 4200 of the Revised Statutes shall be repealed effective 
on the date this Act is approved. 
Approved October 15, 1962. 
Effective date. 
Repeal. 
15 u s e 174. 
46 u s e 92. 
Public Law 87-827 
AN ACT 
To i)erinit domestic banks to pay interest on time deposits of foreign govern-
ments at rates differing from those applicable to domestic depositors. 
October 15, 1962 
[H. R. 12080] 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assembled, That the fourteenth 
paragraph of section 19 of the Federal Reserve Act (12 U.S.C. 37lb) 
is amended by adding at the end thereof the following sentence: "Dur-
ing the period commencing on the effective date of this sentence and 
ending upon the expiration of three years after such date, the pro-
visions of this paragraph shall not apply to the rate of interest which 
may be p^id by member banks on time deposits of foreign govern-
ments, monetary and financial authorities of foreign governments 
when acting as such, or international financial institutions of which 
the United States is a member.". 
SEC. 2. Subsection (g) of section 18 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1828(g)) is amended by adding at the end thereof 
the following sentence: "During the period commencing on the effec-
tive date of this sentence and ending upon the expiration of three 
years after such date, the provisions of this subsection shall not apply 
to the rate of interest which may be paid by insured nonmember banks 
on time deposits of foreign governments,- moftetary and financial 
authorities of foreign governments when acting as such, or inter-
national financial institutions of which the United States is a 
member.". 
Approved October 15, 1962. 
Banks. 
Interest on de-
posits of foreign 
governments. 
49 Stat. 715. 
64 Stat. 893.