S. 229 — Interest on Business Checking Act of 2001

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.

Full Text

Legislative Actions

2001-01-31
Introduced in Senate
2001-01-31
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Interest on Business Checking Act of 2001

Sponsors

Subjects

Summary

Full Text

Legislative Actions

Ask about this bill