Business Checking Freedom Act of 2003

referredUnited States· United States Congress· EN

Introduced

6 March 2003

Last action

6 March 2003 · Introduced

Status

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

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.

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

Timeline

6 March 2003
Introduced
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral
6 March 2003
Introduced
Introduced in Senate
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in Senate · 6 March 2003 · Download file

Documents

3 official files

Introduced in Senate (text)

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Introduced in Senate (text)
Introduced in Senate · EN · 6 March 2003
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Introduced in Senate (PDF)
Introduced in Senate · EN · 6 March 2003
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Introduced in Senate
summary · EN · 6 March 2003
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to → Business Checking Freedom Act of 2003

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/108th-congress/senate-bill/553
Open data entity: https://api.congress.gov/v3/bill/108/s/553
us · 108-s-553 · source updated 18 August 2025