Small Business Interest Checking Act of 2000

Summary

Small Business Interest Checking Act of 2000 - Amends Federal banking law governing interaccount transfers to provide that a depository institution may permit owners of certain interest or dividend paying accounts to make up to 24 transfers monthly for any purpose to their other accounts in the same institution. Amends the Federal Reserve Act to require a Federal reserve bank to pay interest at least quarterly (at a rate not to exceed the general level of short term interest rates) to a depository institution on any balance it maintains at the reserve bank to meet reserve requirements. Authorizes the Board of Governors of the Federal Reserve System to prescribe implementing regulations. Reformulates the mandatory depository institution reserve ratio to: (1) one that is not greater than three percent, and may be zero, (currently, a flat ratio of three percent) for transaction accounts of $25 million or less; and (2) reduce from eight percent to zero the minimum ratio for transaction accounts exceeding $25 million. (Thus authorizes the Federal Reserve Board to set zero reserve requirements for such accounts.)

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 February 2000

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• Introduced in House (PDF)

  Introduced in House · EN · 10 February 2000

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• Introduced in House

  summary · EN · 10 February 2000

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