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S. 349 106th Congress Senate

Small Business Banking Act of 1999

Official title: A bill to allow depository institutions to offer negotiable order of withdrawal accounts to all businesses, to repeal the prohibition on the payment of interes… Show full official titleShow less

Official title: A bill to allow depository institutions to offer negotiable order of withdrawal accounts to all businesses, to repeal the prohibition on the payment of interest on demand deposits, and for other purposes.

Introduced: February 3, 1999 See on congress.gov
Finance and Financial Sector Bank accountsBank depositsCommerceDividends
More subjectsShow fewer subjects
InterestNOW accountsNegotiable instrumentsSavings and loan associations
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This bill died when the 106th Congress ended
It never became law before the 106th Congress (1999–2000) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 3, 1999
Read twice and referred to the Committee on Banking.
Feb 3, 1999
Sponsor introductory remarks on measure. (CR S1162-1163)
Feb 3, 1999
Introduced in Senate
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 Latest action February 3, 1999

Read twice and referred to the Committee on Banking.

 Plain-English summary Congressional Research Service

Small Business Banking Act of 1999 - 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Reed, Jack
Rhode Island · Feb 3, 1999
Cite this page click to expand
APA
U.S. Congress. (2026). S. 349: Small Business Banking Act of 1999. 106th Congress. Open America. https://openamerica.io/bill/106-S-349/
MLA
"S. 349: Small Business Banking Act of 1999." 106th Congress, 2026, Open America, https://openamerica.io/bill/106-S-349/.
Bluebook (legal)
S. 349, 106th Cong. (2026), https://openamerica.io/bill/106-S-349/.
Markdown link
[S. 349: Small Business Banking Act of 1999](https://openamerica.io/bill/106-S-349/)
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