L. P. Crespi (1942) showed that rats trained to run an alley for a large food reward slowed down when shifted to a small reward. This effect is usually interpreted as an aversive emotional response to reward reduction (A. Amsel, 1958). Benzodiazepines attenuate the behavioral effects of reward reduction (cf. C. F. Flaherty, 1990), but the emphasis has been on their anxiolytic, not memory-impairing, effects. Researchers trained rats (175-200 g) to run an alley for food until asymptote was reached. Reward magnitude was then either decreased (Experiment 1) or increased (Experiment 2). The benzodiazepine midazolam (1 mg/kg ip), injected immediately prior to a decrease or increase in reward magnitude, impaired the later retention of both changes in a manner consistent with anterograde amnesia. The findings suggest that the memory-impairing effects of benzodiazepines may, at least in part, influence the response to reward reduction.