Business Checking Freedom Act of 2005

Summary

Business Checking Freedom Act of 2005 - Amends Federal law to authorize interest-bearing or dividend-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution. Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits. Authorizes the payment of interest on reserves by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution. Amends the Federal Reserve Act to require the Board to survey annually and report to Congress on bank fees and certain services. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, to repeal certain reporting requirements. Amends the Federal Reserve Act to revise the ratio of reserves a depository institution must maintain against its transaction accounts, permitting a ratio of zero. Directs the Federal reserve banks to deposit additional surplus funds into the general fund of the Treasury for FY 2005 through 2009 equal to the estimated annual net revenue loss. Prohibits such banks, during FY 2005 through 2009, from replenishing their respective surplus funds by the amount of any such transfer made to cover interest payments.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 26 May 2005

  ViewDownloadOpen at official source

• Referred in Senate (PDF)

  Referred in Senate · EN · 26 May 2005

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN · 24 May 2005

  ViewDownloadOpen at official source

• Engrossed in House (PDF)

  Engrossed in House · EN · 24 May 2005

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 24 May 2005

  Open at official source

• Reported in House (text)

  Reported in House · EN · 16 May 2005

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 16 May 2005

  ViewDownloadOpen at official source

• Reported to House with amendment(s)

  summary · EN · 16 May 2005

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 10 March 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 10 March 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 10 March 2005

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.