S 229 · 107th Congress 2001–2003, ended

Interest on Business Checking Act of 2001

Introduced Jan 31, 2001 Originated Senate Sponsor Chuck Hagel R-NE

Latest action · Jan 31, 2001 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.

IntroducedJan 31, 2001
Passed SenateNot reached
Passed HouseNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Interest on Business Checking Act of 2001 - Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to: (1) provide that a depository institution may permit owners of interest or dividend paying accounts to make up to 24 transfers monthly for any purpose to their other demand deposits in the same institution; and (2) repeal the proscription against the payment of interest on demand deposits.

Prescribes conditions for interest payments on escrow accounts.

Amends the Federal Reserve Act to require a Federal reserve bank to pay interest at least quarterly on any balance maintained by a depository institution at the reserve bank to meet its reserve requirements.

Cosponsors 3

Members who signed on, in the order they did. Signatures ran from May 23, 2001 to Apr 18, 2002.

Seat	Cosponsor	Signed on
R-OK	James M. Inhofe	May 23, 2001
D-RI	Jack Reed	Mar 4, 2002
D-SD	Tim Johnson	Apr 18, 2002

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
Senate	Banking, Housing, and Urban Affairs Committee	Referred Jan 31, 2001

Actions 2

Everything that happened, newest first.

Jan 31, 2001Introduced in Senate
Jan 31, 2001Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: A bill to amend Federal banking law to permit the payment of interest on business checking accounts in certain circumstances, and for other purposes.
Short Titles as Introduced: Interest on Business Checking Act of 2001

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

Jan 31, 2001Introduced in Senate

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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.