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United States · Bill · HR

H.R. 974 (107th)

Small Business Interest Checking Act of 2001

referredUnited States· United States Congress· EN

Introduced

13 March 2001

Last action

4 April 2001 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Kelly, Sue W. [R-NY-19], Sen. Capito, Shelley Moore [R-WV], Rep. Cantor, Eric [R-VA-7], Rep. Sherman, Brad [D-CA-32]

Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Small Business Interest Checking Act of 2001- 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 authorize 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. Repeals a specified restriction in order to authorize pass-through reserves for member banks (as well as non-member banks). 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 zero reserve requirements for such accounts.) Requires the Federal Reserve banks to transfer certain surplus funds for deposit into the general fund of the Treasury equal to the estimated net cost of making the quarterly payments of interest mandated by this Act for FY 2002 through 2006. Prohibits such banks from replenishing surplus funds by the amount of any such transfers during that time period.

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

Timeline

  1. 13 March 2001

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 13 March 2001

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 13 March 2001

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 20 March 2001

    Referred

    Referred to the Subcommittee on Financial Institutions and Consumer Credit.

    Source: Committee

  5. 21 March 2001

    Committee

    Forwarded by Subcommittee to Full Committee.

    Source: Committee

  6. 21 March 2001

    Committee

    Subcommittee Consideration and Mark-up Session Held.

    Source: Committee

  7. 28 March 2001

    Reported

    Ordered to be Reported (Amended) by Voice Vote.

    Source: Committee

  8. 28 March 2001

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  9. 3 April 2001

    Passed

    The title of the measure was amended. Agreed to without objection.

    Source: Floor

  10. 3 April 2001

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  11. 3 April 2001

    Passed

    On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H1374-1375)

    Source: Floor

  12. 3 April 2001

    Passed

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H1374-1375)

    Source: Floor

  13. 3 April 2001

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 974.

    Source: Floor

  14. 3 April 2001

    Floor

    Considered under suspension of the rules. (consideration: CR H1374-1379)

    Source: Floor

  15. 3 April 2001

    Floor

    Mr. Oxley moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  16. 3 April 2001

    Calendars

    Placed on the Union Calendar, Calendar No. 27.

    Source: Calendars

  17. 3 April 2001

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 107-38.

    Source: Committee

  18. 3 April 2001

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 107-38.

    Source: Committee

  19. 4 April 2001

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 4 April 2001

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 4 April 2001

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  • Reported in House (text)

    Reported in House · EN · 3 April 2001

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  • Reported in House (PDF)

    Reported in House · EN · 3 April 2001

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  • Engrossed in House (text)

    Engrossed in House · EN · 3 April 2001

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 3 April 2001

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  • Passed House amended

    summary · EN · 3 April 2001

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  • Reported to House with amendment(s)

    summary · EN · 3 April 2001

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  • Introduced in House (text)

    Introduced in House · EN · 13 March 2001

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  • Introduced in House (PDF)

    Introduced in House · EN · 13 March 2001

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  • Introduced in House

    summary · EN · 13 March 2001

    Open at official source

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Sources

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