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August 31, 2021

550 Seventeenth Street, N.W.
Washington, D.C. 20429

Supplement Highlights

Regulation D: Reserve Requirements of Depository Institutions. The Board of Governors of the Federal Reserve System amended Regulation D, Reserve Requirements for Depository Institutions to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'') and the rate of interest paid on excess balances (``IOER'') maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 0.15 percent and IOER is 0.15 percent, a 0.05 percentage point increase from their prior levels. The amendments are intended to enhance the role of IORR and IOER in maintaining the Federal funds rate in the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee''). 85 Fed. Reg. 38906.

See pages 7586.04–7586.06

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