Interest on Business Checking Act of 2001

Summary

Interest on Business Checking Act of 2001 - Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to: (1) provide that a depository institution may permit owners of interest or dividend paying accounts to make up to 24 transfers monthly for any purpose to their other demand deposits in the same institution; and (2) repeal the proscription against the payment of interest on demand deposits. Prescribes conditions for interest payments on escrow accounts. Amends the Federal Reserve Act to require a Federal reserve bank to pay interest at least quarterly on any balance maintained by a depository institution at the reserve bank to meet its reserve requirements.

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Timeline

1. 31 January 2001

   Introduced

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

   Source: IntroReferral

2. 31 January 2001

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 31 January 2001 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 31 January 2001

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 31 January 2001

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 31 January 2001

  Open at official source

Sponsors

• Sen. Hagel, Chuck [R-NE] · R · Sponsor
• Rep. Inhofe, James M. [R-OK-1] · R · Cosponsor
• John Reed · D · Cosponsor
• Rep. Johnson, Tim [D-SD-At Large] · D · Cosponsor
• · ssbk00 · Standing

Related records

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