Small Business Banking Act of 1997

Summary

Small Business Banking Act of 1997 - Amends the Federal Deposit Insurance Act (FDIA) to authorize any depository institution to permit an owner to make withdrawals by negotiable or transferable instrument from any interest-bearing or dividend bearing account in order to make payments to third parties (currently such withdrawals are permissible only for specified deposits). Amends the Federal Reserve Act, the Home Owners' Loan Act, and the FDIA to repeal the proscription against the payment of interest on demand deposits. (Sec.3) Amends the Federal Reserve Act to mandate interest payments at least quarterly on balances maintained at a Federal Reserve Bank to satisfy the reserve requirements of a depository institution. Authorizes the Board of Governors of the Federal Reserve System to prescribe regulations for such 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

3 official files

• Introduced in House (text)

  Introduced in House · EN · 31 July 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 31 July 1997

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 31 July 1997

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.