Small Business Interest Checking Act of 1998

Summary

Small Business Interest Checking Act of 1998 - Amends the Federal Deposit Insurance Act to provide that any depository institution may permit: (1) the owner of any interest-bearing or dividend-earning account to make up to 24 transfers per month, for any purpose, to another account of the owner in the same institution; and (2) the owner of any deposit or account (negotiable order of withdrawal, or NOW, account) to make withdrawals by negotiable or transferable instruments for the purpose of making payments to third parties. Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the proscription against interest payments on demand deposits. Amends the Federal Reserve Act to: (1) mandate quarterly payment of interest on depository institution reserve requirement balances; and (2) authorize a reduction to zero percent of the mandatory ratios for such reserve requirements (which would thus eliminate such reserve requirements).

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Timeline

1. 18 June 1998

   Introduced

   Referred to the House Committee on Banking and Financial Services.

   Source: IntroReferral

2. 18 June 1998

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 June 1998

   Introduced

   Introduced in House

   Source: IntroReferral

4. 26 June 1998

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 June 1998 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 June 1998

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 June 1998

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 June 1998

  Open at official source

Sponsors

• Rep. Kelly, Sue W. [R-NY-19] · R · Sponsor
• · hsba00 · Standing

Related records

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