To amend the Federal Reserve Act to require the payment of interest on reserves maintained at Federal reserve banks by insured depository institutions that make affordable transaction accounts available to their customers, and for other purposes.
Requires the Federal reserve banks to transfer specified surplus funds to the Board for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury for FY 2001 through 2005. Prohibits replenishment of the surplus fund during the fiscal year for which such transfer is made.
Mandates that each insured depository institution make available to consumers a consumer transaction account to be known as an "affordable transaction account". Sets forth operational parameters to be prescribed by the Board.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E713-714)
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the House Committee on Banking and Financial Services.
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