# Regulation D: Reserve Requirements of Depository Institutions
> **US Federal Reserve System** · Final rule. · Published 2021-07-23 · Effective 2021-07-23 · 86 FR 38905
## Document
- **Document number:** 2021-15671
- **Category:** final-rule
- **Agency:** US Federal Reserve System
- **Federal Register citation:** 86 FR 38905
- **CFR reference:** 12 CFR 204
- **Publication date:** 2021-07-23
- **Effective date:** 2021-07-23
- **Docket:** Docket No. R-1753
## Abstract

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'').

## Source
- [Federal Register document](https://www.federalregister.gov/documents/2021/07/23/2021-15671/regulation-d-reserve-requirements-of-depository-institutions)
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