The Monetary Control Act of 1980 (MCA)
requires that the Federal Reserve price for Federal Reserve float
that remains after operational means to reduce float are implemented.
1 On March 8, 1983, the Board
announced a program to reduce and/or price interterritory check float
and check holdover float (48
Fed. Reg. 10,753). Under this
program, depository institutions would be offered two crediting options
to reduce interterritory check float and three methods for paying
for remaining interterritory check float.
† Additionally, the Board approved pricing
of check holdover float over a six-month period by incorporating the
value of this float in the cost of check services to be recovered
in 1983. The Board has now adopted procedures to reduce and/or price
the remaining categories of Federal Reserve float arising from the
provision of check-collection services to depository institutions.
