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S. 229 107th Congress Senate

Interest on Business Checking Act of 2001

Official title: A bill to amend Federal banking law to permit the payment of interest on business checking accounts in certain circumstances, and for other purposes.

Introduced: March 4, 2002 See on congress.gov
Finance and Financial Sector Administrative procedureBank accountsBank depositsBank loans
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Bank reservesChecking accountsCommerceContractsCredit unionsDividendsFederal Reserve SystemFederal home loan banksGovernment Operations and PoliticsHousing and Community DevelopmentInterestLawSavings accountsSavings and loan associations
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 31, 2001
Introduced in Senate
Jan 31, 2001
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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 Latest action January 31, 2001

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service
Interest on Business Checking Act of 2001 - Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to: (1) provide that a depository institution may permit owners of interest or dividend paying accounts to make up to 24 transfers monthly for any purpose to their other demand deposits in the same institution; and (2) repeal the proscription against the payment of interest on demand deposits.

Prescribes conditions for interest payments on escrow accounts.

Amends the Federal Reserve Act to require a Federal reserve bank to pay interest at least quarterly on any balance maintained by a depository institution at the reserve bank to meet its reserve requirements.

 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 · Mar 4, 2002
Cite this page click to expand
APA
U.S. Congress. (2026). S. 229: Interest on Business Checking Act of 2001. 107th Congress. Open America. https://openamerica.io/bill/107-S-229/
MLA
"S. 229: Interest on Business Checking Act of 2001." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-229/.
Bluebook (legal)
S. 229, 107th Cong. (2026), https://openamerica.io/bill/107-S-229/.
Markdown link
[S. 229: Interest on Business Checking Act of 2001](https://openamerica.io/bill/107-S-229/)
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