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S 1249 105th Congress Senate Finance and Financial Sector Bank accounts Bank deposits Commerce Dividends Interest NOW accounts Negotiable instruments Savings and loan associations

Small Business Banking Act of 1997

Introduced: October 3, 1997 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 3, 1997
Read twice and referred to the Committee on Banking.
Oct 3, 1997
Introduced in Senate
Oct 3, 1997
Sponsor introductory remarks on measure. (CR S10319-10320)
 Plain-English summary Congressional Research Service

Small Business Banking Act of 1997 - Amends Federal banking law with respect to a depository institution's authority to permit the holder of any interest-earning or dividend-earning deposit or account (negotiable order of withdrawal or NOW account) to make withdrawals from such account by negotiable or transferable instrument for the purpose of making payments to third parties. Repeals the restriction of such withdrawals to individuals, non-profit organizations and Federal, State, and local governments (thus allowing such withdrawals by businesses and other for-profit entities).

Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits by banks or Federal savings associations subject to their supervision.

What's happening now October 3, 1997

Read twice and referred to the Committee on Banking.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1