legislation: 107-s-229

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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
107-s-229 107 s 229 Interest on Business Checking Act of 2001 Finance and Financial Sector 2001-01-31 2001-01-31 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Senate Sen. Hagel, Chuck [R-NE] NE R H001028 3 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. 2025-08-19T17:31:12Z https://www.congress.gov/bill/107th-congress/senate-bill/229

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