Small Business Banking Act of 1997

Summary

Small Business Banking Act of 1997 - Amends Federal banking law with respect to a depository institution's authority to permit the holder of any interest-earning or dividend-earning deposit or account (negotiable order of withdrawal or NOW account) to make withdrawals from such account by negotiable or transferable instrument for the purpose of making payments to third parties. Repeals the restriction of such withdrawals to individuals, non-profit organizations and Federal, State, and local governments (thus allowing such withdrawals by businesses and other for-profit entities). Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits by banks or Federal savings associations subject to their supervision.

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Timeline

1. 3 October 1997

   Introduced

   Read twice and referred to the Committee on Banking.

   Source: IntroReferral

2. 3 October 1997

   Introduced

   Sponsor introductory remarks on measure. (CR S10319-10320)

   Source: IntroReferral

3. 3 October 1997

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 October 1997 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 October 1997

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 October 1997

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 October 1997

  Open at official source

Sponsors

• Sen. Hagel, Chuck [R-NE] · R · Sponsor
• John Reed · D · Sponsor
• · ssbk00 · Standing

Related records

No cross-record relationships stored yet.