Regulation D: Reserve Requirements of Depository Institutions

Document 2021-15671 is a Final Rule published by the Federal Reserve System in the Federal Register on July 23, 2021, with an effective date of July 23, 2021. The Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D, Reserve Requirements of 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''). View the original at https://www.federalregister.gov/documents/2021/07/23/2021-15671/regulation-d-reserve-requirements-of-depository-institutions.

No. Document 2021-15671 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.