Business Checking Freedom Act of 2002
Latest action · Apr 15, 2002 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 344.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 13, 2001
- Passed HouseApr 9, 2002
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(Sec. 3) Authorizes interest-bearing transaction accounts for businesses, permitting up to 24 transfers per month (or any greater number the Federal Reserve Board (Board) may determine) to another account of the owner in the same institution.
(Sec. 4) Authorizes the payment of interest by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution.
Revises the requirements for the annual survey of bank fees and services by the Board to specify the inclusion of: (1) checking and other transaction accounts; (2) negotiable order of withdrawal and savings accounts; (3) automated teller machine transactions; and (4) other electronic transactions. Establishes minimum survey requirements for each such account or transaction area. Requires such survey to address minimum balance requirements as well as fees.
Amends the Truth in Lending Act (and Consumer Credit Protection Act) to revise the requirements for the semiannual survey of credit card price and availability information to specify the inclusion of certain information, including finance charges, annual percentage rates, and various fees.
Requires the Board to report annually to Congress on the results of both surveys.
Amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 to repeal the termination date for and so continue the annual survey by the Board of certain retail banking services (and associated fees) provided by insured depository institutions.
(Sec. 5) 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.
(Sec. 6) Directs the Federal reserve banks in FY 2002 through 2006 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.
(Sec. 7) Provides a rule of construction for escrow accounts maintained at a depository institution in connection with a real estate transaction. Declares that the institution's absorption of expenses or forbearance in charging a fee or other benefit should not be treated as the payment or receipt of interest.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Mar 13, 2001 to Apr 9, 2002; 6 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Charles A. Gonzalez | Original | Mar 13, 2001 |
| D-OR | Darlene Hooley | Original | Mar 13, 2001 |
| R-NJ | Marge Roukema | Original | Mar 13, 2001 |
| D-PA | Paul E. Kanjorski | Original | Mar 13, 2001 |
| R-OH | Robert W. Ney | Original | Mar 13, 2001 |
| R-WV | Shelley Moore Capito | Original | Mar 13, 2001 |
| R-CT | Christopher Shays | Mar 14, 2001 | |
| R-NE | Doug Bereuter | Mar 19, 2001 | |
| R-CA | Edward R. Royce | Mar 19, 2001 | |
| D-IN | Julia Carson | Dec 13, 2001 | |
| R-NY | Sue W. Kelly | Apr 9, 2002 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 13, 2001Markup Mar 28, 2001 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Mar 20, 2001Markup Mar 21, 2001Reported Mar 21, 2001 |
Actions 15
Everything that happened, newest first.
- Apr 15, 2002Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 344.
- Apr 12, 2002Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
- Apr 10, 2002Received in the Senate.
- Apr 9, 2002Mr. Toomey moved to suspend the rules and pass the bill, as amended.
- Apr 9, 2002Considered under suspension of the rules. (consideration: CR H1107-1111)
In the Congressional Record 4
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E545 | Charles A. Gonzalez D-TX | Apr 16, 2002 |
| Senate | Debate and remarks S2637 | Harry Reid D-NV | Apr 15, 2002 |
| Senate | Debate and remarks S2634 | Harry Reid D-NV | Apr 12, 2002 |
| House | Debate and remarks H1107–H1111Text printed H1107 | Charles A. Gonzalez D-TX, Edward R. Royce R-CA, Judy Biggert R-IL, Michael G. Oxley R-OH, Patrick J. Toomey R-PA, Spencer Bachus R-AL | Apr 9, 2002 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To repeal the prohibition on the payment of interest on demand deposits.
- Short Titles as Introduced
- Business Checking Freedom Act of 2001
- Short Titles as Passed House
- Business Checking Freedom Act of 2002
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Automated teller machines
- Bank deposits
- Bank reserves
- Checking accounts
- Commerce
- Congress
- Congressional reporting requirements
- Corporate finance
- Credit cards
- Dividends
- Electronic funds transfers
- Federal Reserve System
- Fees
- Finance and Financial Sector
- Finance charges
- Governmental investigations
- Housing and Community Development
- Interest
- Interest rates
- NOW accounts
- Real estate business
- Savings accounts
- Savings and loan associations
- Science, Technology, Communications
- Surveys
Text 3
Each version as it was printed, newest first.
- Apr 15, 2002Placed on Calendar Senate
- Apr 9, 2002Engrossed in House
- Mar 13, 2001Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
