Small Business Interest Checking Act of 2001
Latest action · Apr 4, 2001 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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 3, 2001
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Authorizes certain depository institutions prohibited by State law from offering demand deposits to offer all owners of a interest- or dividend-paying deposit or account to make withdrawals by negotiable or transferable instruments for the purpose of making payments to third parties. Requires that such an institution either: (1) not engage in lending activities; or (2) not be an affiliate of a company or companies whose aggregate assets represent over ten percent of the institution's total assets.
Amends Federal banking law governing interaccount transfers to provide that a depository institution may permit owners of certain interest- or dividend-paying accounts to make up to 24 transfers monthly for any purpose to their other accounts in the same institution.
Amends the Federal Reserve Act to authorize a Federal reserve bank to pay interest at least quarterly (at a rate not to exceed the general level of short term interest rates) to a depository institution on any balance it maintains at the reserve bank.
Repeals a specified restriction in order to authorize pass-through reserves for member banks (as well as non-member banks).
Instructs the Board of Governors of the Federal Reserve System to obtain annually a prescribed survey of designated retail bank fees and services (including electronic and credit card fees), and report the results annually to Congress.
Reformulates the mandatory depository institution reserve ratio to: (1) one that is not greater than three percent, and may be zero, (currently, a flat ratio of three percent) for transaction accounts of $25 million or less; and (2) reduce from eight percent to zero the minimum ratio for transaction accounts exceeding $25 million. (Thus authorizes zero reserve requirements for such accounts.)
Requires the Federal Reserve banks to transfer certain surplus funds for deposit into the general fund of the Treasury equal to the estimated net cost of making the quarterly payments of interest mandated by this Act for FY 2002 through 2006.
Prohibits such banks from replenishing surplus funds by the amount of any such transfers during that time period.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Mar 13, 2001 to Apr 3, 2001, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | Eric Cantor | Original | Mar 13, 2001 |
| R-WV | Shelley Moore Capito | Original | Mar 13, 2001 |
| D-CA | Brad Sherman | Apr 3, 2001 |
Actions 17
Everything that happened, newest first.
- Apr 4, 2001Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Apr 3, 2001Considered under suspension of the rules. (consideration: CR H1374-1379)
- Apr 3, 2001DEBATE - The House proceeded with forty minutes of debate on H.R. 974.
- Apr 3, 2001Motion to reconsider laid on the table Agreed to without objection.
- Apr 3, 2001Mr. Oxley moved to suspend the rules and pass the bill, as amended.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 524 | Small Business Interest Checking Act of 2001 | Identical bill | Mar 13, 2001 |
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative procedure
- Automated teller machines
- Bank deposits
- Bank records
- Bank reserves
- Checking accounts
- Checks
- Commerce
- Congress
- Congressional reporting requirements
- Corporate finance
- Credit cards
- Dividends
- Economics and Public Finance
- Electronic funds transfers
- Federal Reserve System
- Fees
- Finance and Financial Sector
- Government Operations and Politics
- Government paperwork
- Interest
- Law
- Monetary policy
- Money supply
- NOW accounts
- Savings accounts
- Science, Technology, Communications
- Surveys
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.