Interest on Business Checking Act of 2001

Fact Sheet API

Bill Number

S 229

Introduced

Jan 31, 2001

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsor

Cosponsors

Topics

Administrative procedure Bank accounts Bank deposits Bank loans Bank reserves Checking accounts Commerce Contracts Credit unions Dividends Federal home loan banks Federal Reserve System Finance and Financial Sector Government Operations and Politics Housing and Community Development Interest Law Savings accounts Savings and loan associations

Full Text

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Votes

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.

Actions

Jan 31, 2001

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

Introduced in Senate

Amendments

Related Bills