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H.R. 758 108th Congress House

Business Checking Freedom Act of 2003

Official title: To allow all businesses to make up to 24 transfers each month from interest-bearing transaction accounts to other transaction accounts, to require the payment … Show full official titleShow less

Official title: To allow all businesses to make up to 24 transfers each month from interest-bearing transaction accounts to other transaction accounts, to require the payment of interest on reserves held for depository institutions at Federal reserve banks, and for other purposes.

Introduced: February 13, 2003 See on congress.gov
Finance and Financial Sector Administrative procedureAutomated teller machinesBank accountsBank deposits
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Bank reservesCommerceCongressCongressional reporting requirementsCorporate financeElectronic funds transfersFederal Reserve SystemFeesInterestInterest ratesLawNOW accountsScience, Technology, CommunicationsSurveys
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) 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 15 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 2, 2003
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 1, 2003
Motion to reconsider laid on the table Agreed to without objection.
Apr 1, 2003
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2527-2529)
Apr 1, 2003
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2527-2529)
Apr 1, 2003
DEBATE - The House proceeded with forty minutes of debate on H.R. 758.
Apr 1, 2003
Considered under suspension of the rules. (consideration: CR H2527-2533)
Apr 1, 2003
Mr. Bachus moved to suspend the rules and pass the bill, as amended.
Mar 31, 2003
Placed on the Union Calendar, Calendar No. 33.
Mar 31, 2003
Reported (Amended) by the Committee on Financial Services. H. Rept. 108-53.
Mar 13, 2003
Ordered to be Reported (Amended) by Voice Vote.
Mar 13, 2003
Committee Consideration and Mark-up Session Held.
Mar 5, 2003
Subcommittee Hearings Held.
Mar 5, 2003
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Feb 13, 2003
Referred to the House Committee on Financial Services.
Feb 13, 2003
Introduced in House
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 Latest action April 2, 2003

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

 Plain-English summary Congressional Research Service
Business Checking Freedom Act of 2003 - Amends Federal law to authorize interest-bearing transaction accounts for all businesses, permitting up to 24 transfers per month (or any greater number the Federal Reserve Board may determine) to another account of the owner in the same institution.

Authorizes the payment of interest by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution.

Amends the Federal Reserve Act to revise the ratio of reserves a depository institution must maintain against its transaction accounts, permitting a ratio of zero.

Directs the Federal Reserve banks in FY 2003 through 2007 to transfer to the Board for transfer to the Secretary of the Treasury, for deposit in the general fund, additional surplus funds equal to the net cost of their interest payments to depository institutions.

 Related & companion bills 1
  • S 553 Identical bill Business Checking Freedom Act of 2003
 Bill text 4 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
 Cosponsors 3
All 3 Democratic 1 Republican 1
BEREUTER, DOUGLAS
· Mar 11, 2003
 R
Capito, Shelley Moore
West Virginia · Feb 13, 2003
 D
Sherman, Brad
California · Feb 13, 2003
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 758: Business Checking Freedom Act of 2003. 108th Congress. Open America. https://openamerica.io/bill/108-HR-758/
MLA
"H.R. 758: Business Checking Freedom Act of 2003." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-HR-758/.
Bluebook (legal)
H.R. 758, 108th Cong. (2026), https://openamerica.io/bill/108-HR-758/.
Markdown link
[H.R. 758: Business Checking Freedom Act of 2003](https://openamerica.io/bill/108-HR-758/)
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