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; 2 are original cosponsors, there from 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 |
Committees 2
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, 2001Reported Apr 3, 2001 |
| Consumer Protection and Financial Institutions Subcommittee | Referred Mar 20, 2001Markup Mar 21, 2001Reported Mar 21, 2001 | |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Apr 4, 2001 |
Actions 16
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, 2001Reported (Amended) by the Committee on Financial Services. H. Rept. 107-38.
- Apr 3, 2001Placed on the Union Calendar, Calendar No. 27.
- Apr 3, 2001Mr. Oxley moved to suspend the rules and pass the bill, as amended.
- 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, 2001Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1374-1375)
- Apr 3, 2001Motion to reconsider laid on the table Agreed to without objection.
- Apr 3, 2001The title of the measure was amended. Agreed to without objection.
- Mar 28, 2001Committee Consideration and Mark-up Session Held.
- Mar 28, 2001Ordered to be Reported (Amended) by Voice Vote.
- Mar 21, 2001Subcommittee Consideration and Mark-up Session Held.
- Mar 21, 2001Forwarded by Subcommittee to Full Committee.
- Mar 20, 2001Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Mar 13, 2001Introduced in House
- Mar 13, 2001Referred to the House Committee on Financial Services.
In the Congressional Record 2
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 E593, E605Excerpts E605 | Judy Biggert R-IL, Michael G. Oxley R-OH | Apr 24, 2001 |
| House | Debate and remarks H1374–H1379Text printed H1374Amendments H1379 | Doug Bereuter R-NE, John J. LaFalce D-NY, Marge Roukema R-NJ, Melissa A. Hart R-PA, Michael G. Oxley R-OH, Patrick J. Toomey R-PA, Sheila Jackson Lee D-TX, Spencer Bachus R-AL, Sue W. Kelly R-NY | Apr 3, 2001 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimates 2
- Apr 3, 2001H.R. 974, Small Business Interest Checking Act of 2001<p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on March 28, 2001</p>
- Apr 3, 2001H.R. 974, Small Business Interest Checking Act of 2001Cost estimate for the bill as ordered reported by the House Committee on Financial Services on March 28, 2001
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| — | COMPREHENSIVE DEPOSIT INSURANCE REFORM: RESPONSES TO THE FDIC'S RECOMMENDATIONS FOR REFORM79 pages | Banking, Housing, and Urban Affairs Committee | Aug 2, 2001 |
| Serial No. 107-4 | PROPOSALS TO PERMIT PAYMENT OF INTEREST ON BUSINESS CHECKING ACCOUNTS AND STERILE RESERVES MAINTAINED AT FEDERAL RESERVE BANKS141 pages | Financial Services Committee | Mar 13, 2001 |
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 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To increase the number of interaccount transfers which may be made from business accounts at depository institutions, to authorize the Board of Governors of the Federal Reserve System to pay interest on reserves, and for other purposes.
- Official Titles as Amended by House
- To repeal the prohibition on the payment of interest on demand deposits, to increase the number of interaccount transfers which may be made from business accounts at depository institutions, to authorize the Board of Governors of the Federal Reserve System to pay interest on reserves, and for other purposes.
- Short Titles as Introduced
- Small Business Interest Checking Act of 2001
- Short Titles as Reported to House
- Small Business Interest Checking Act of 2001
- Short Titles as Passed House
- Small Business Interest Checking Act of 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
Text 4
Each version as it was printed, newest first.
- Apr 4, 2001Referred in Senate
- Apr 3, 2001Reported in House
- Apr 3, 2001Engrossed 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.
