HR 758
108th Congress
House
Finance and Financial Sector
Administrative procedure
Automated teller machines
Bank accounts
Bank deposits
Bank reserves
Commerce
Congress
Congressional reporting requirements
Corporate finance
Electronic funds transfers
Federal Reserve System
Fees
Interest
Interest rates
Law
NOW accounts
Science, Technology, Communications
Surveys
Business Checking Freedom Act of 2003
Introduced: February 13, 2003
See on congress.gov
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
Plain-English summary
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.
What's happening now
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.