legislation: 105-hr-4082

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
105-hr-4082 105 hr 4082 Small Business Interest Checking Act of 1998 Finance and Financial Sector 1998-06-18 1998-06-26 Referred to the Subcommittee on Financial Institutions and Consumer Credit. House Rep. Kelly, Sue W. [R-NY-19] NY R K000078 0 Small Business Interest Checking Act of 1998 - Amends the Federal Deposit Insurance Act to provide that any depository institution may permit: (1) the owner of any interest-bearing or dividend-earning account to make up to 24 transfers per month, for any purpose, to another account of the owner in the same institution; and (2) the owner of any deposit or account (negotiable order of withdrawal, or NOW, account) to make withdrawals by negotiable or transferable instruments for the purpose of making payments to third parties. Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the proscription against interest payments on demand deposits. Amends the Federal Reserve Act to: (1) mandate quarterly payment of interest on depository institution reserve requirement balances; and (2) authorize a reduction to zero percent of the mandatory ratios for such reserve requirements (which would thus eliminate such reserve requirements). 2025-08-21T16:13:04Z https://www.congress.gov/bill/105th-congress/house-bill/4082

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