WASHINGTON - Banks that are required to keep deposits in Federal Reserve banks would earn interest on this money under a bill approved by bipartisan voice vote in the House Banking Committee on Wednesday.

Banks currently earn no interest on reserve deposits held by the Fed, so they have devised complex systems to reduce their reserve requirements. The total amount held in reserve deposits fell to $6 billion last year from $28 billion in 1993. The Fed has claimed that declining reserve deposits affect its ability to implement effective monetary policy.

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