S. 1967 · 108th Congress
Interest on Business Checking Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HagelSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Interest on Business Checking Act of 2003 - Amends Federal law to authorize interest-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution (or any greater number the Federal Reserve Board may determine).
What it does: CRS summary · Introduced in Senate · Nov 25, 2003
Interest on Business Checking Act of 2003 - Amends Federal law to authorize interest-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution (or any greater number the Federal Reserve Board may determine).
Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the proscription on the payment of interest on demand deposits.
Requires a joint rulemaking by the Secretary of the Treasury and the Federal banking agencies authorizing the payment of interest and dividends on transaction accounts at depository institutions under their respective jurisdictions.
Amends the Federal Reserve Act to authorize the payment of interest at least quarterly by a Federal reserve bank on reserves maintained there on behalf of a depository institution.
Revises the ratio of reserves a depository institution must maintain against its transaction accounts, permitting a ratio of zero.
States that where escrow accounts are maintained at a depository institution for completion of a real estate settlement transaction specified expense-taking or fee-waiving activities shall not be treated as the payment or receipt of interest for purposes relating to the payment of interest on accounts or deposits maintained at depository institutions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Interest on Business Checking Act of 2003
Latest action (Nov 25, 2003): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S16010-16011)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Nov 25, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.