S 229
107th Congress
Senate
Finance and Financial Sector
Administrative procedure
Bank accounts
Bank deposits
Bank loans
Bank reserves
Checking accounts
Commerce
Contracts
Credit unions
Dividends
Federal Reserve System
Federal home loan banks
Government Operations and Politics
Housing and Community Development
Interest
Law
Savings accounts
Savings and loan associations
Interest on Business Checking Act of 2001
Introduced: January 31, 2001
See on congress.gov
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.
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1
Cosponsors
1