Business Checking Freedom Act of 2003

Summary

Business Checking Freedom Act of 2003 - Amends Federal law to authorize interest-bearing transaction accounts for all businesses, permitting up to 24 transfers per month (or any greater number the Federal Reserve Board may determine) to another account of the owner in the same institution. Authorizes the payment of interest by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution. 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 in FY 2003 through 2007 to transfer to the Board for transfer to the Secretary of the Treasury, for deposit in the general fund, additional surplus funds equal to the net cost of their interest payments to depository institutions.

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Documents

11 official files

• Referred in Senate (text)

  Referred in Senate · EN · 2 April 2003

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• Referred in Senate (PDF)

  Referred in Senate · EN · 2 April 2003

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• Engrossed in House (text)

  Engrossed in House · EN · 1 April 2003

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• Engrossed in House (PDF)

  Engrossed in House · EN · 1 April 2003

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• Passed House amended

  summary · EN · 1 April 2003

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• Reported in House (text)

  Reported in House · EN · 31 March 2003

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• Reported in House (PDF)

  Reported in House · EN · 31 March 2003

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• Reported to House with amendment(s)

  summary · EN · 31 March 2003

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• Introduced in House (text)

  Introduced in House · EN · 13 February 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 13 February 2003

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• Introduced in House

  summary · EN · 13 February 2003

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