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United States · Bill · S

S. 229 (107th)

Interest on Business Checking Act of 2001

referredUnited States· United States Congress· EN

Introduced

31 January 2001

Last action

31 January 2001 · Introduced

Status

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

Sponsors

Sen. Hagel, Chuck [R-NE], Sen. Inhofe, James M. [R-OK], Sen. Reed, Jack [D-RI], Sen. Johnson, Tim [D-SD]

Subjects

Discovery layer

Source updated

19 August 2025

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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.

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

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

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Versions

Documents

3 official files

Introduced in Senate (text)

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Leesvertaling

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  • 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

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  • Introduced in Senate

    summary · EN · 31 January 2001

    Open at official source

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Sponsors

Related records

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Sources

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