Home > 106th Congressional Bills > H.R. 4067 (rh) To repeal the prohibition on the payment of interest on demand deposits, and for other purposes. [Reported in House] ...

H.R. 4067 (rh) To repeal the prohibition on the payment of interest on demand deposits, and for other purposes. [Reported in House] ...


Google
 
Web GovRecords.org


106th CONGRESS
  2d Session
                                H. R. 4067


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 12, 2000

Received, read twice and referred of the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
    To repeal the prohibition on the payment of interest on demand 
                   deposits, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Business Checking Modernization 
Act''.

SEC. 2. AMENDMENTS RELATING TO DEMAND DEPOSIT ACCOUNTS AT DEPOSITORY 
              INSTITUTIONS.

    (a) Interest-Bearing Transaction Accounts Authorized.--
            (1) Federal reserve act.--Section 19(i) of the Federal 
        Reserve Act (12 U.S.C. 371a) is amended by inserting at the end 
        the following: ``Notwithstanding any other provision of this 
        section, a member bank may permit the owner of any deposit, any 
        account which is a deposit, or any account on which interest or 
        dividends are paid to make up to 24 transfers per month (or 
        such greater number as the Board may determine by rule or 
        order), for any purpose, to a demand deposit account of the 
        owner in the same institution. Nothing in this subsection shall 
        be construed to prevent an account offered pursuant to this 
        subsection from being considered a transaction account for 
        purposes of this Act.''.
            (2) Home owners' loan act.--
                    (A) In general.--Section 5(b)(1) of the Home 
                Owners' Loan Act (12 U.S.C. 1464 (b)(1)) is amended by 
                adding at the end the following new subparagraph:
                    ``(G) Transfers.--Notwithstanding any other 
                provision of this paragraph, a Federal savings 
                association may permit the owner of any deposit or 
                share, any account which is a deposit or share, or any 
                account on which interest or dividends are paid to make 
                up to 24 transfers per month (or such greater number as 
                the Board of Governors of the Federal Reserve System 
                may determine by rule or order under section 19(i) to 
                be permissible for member banks), for any purpose, to a 
                demand deposit account of the owner in the same 
                institution. Nothing in this subsection shall be 
                construed to prevent an account offered pursuant to 
                this subsection from being considered a transaction 
                account (as defined in section 19(b) of the Federal 
                Reserve Act) for purposes of the Federal Reserve 
                Act.''.
                    (B) Repeal.--Effective at the end of the 3-year 
                period beginning on the date of the enactment of this 
                Act, section 5(b)(1) of the Home Owners' Loan Act (12 
                U.S.C. 1464 (b)(1)) is amended by striking subparagraph 
                (G).
            (3) Federal deposit insurance act.--Section 18(g) of the 
        Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended by 
        adding at the end the following new paragraph:
            ``(3) Transfers.--Notwithstanding any other provision of 
        this subsection, an insured nonmember bank or insured State 
        savings association may permit the owner of any deposit or 
        share, any account which is a deposit or share, or any account 
        on which interest or dividends are paid to make up to 24 
        transfers per month (or such greater number as the Board of 
        Governors of the Federal Reserve System may determine by rule 
        or order under section 19(i) to be permissible for member 
        banks), for any purpose, to a demand deposit account of the 
        owner in the same institution. Nothing in this subsection shall 
        be construed to prevent an account offered pursuant to this 
        subsection from being considered a transaction account (as 
        defined in section 19(b) of the Federal Reserve Act) for 
        purposes of the Federal Reserve Act.''.
    (b) Repeal of Prohibition on Payment of Interest on Demand 
Deposits.--
            (1) Federal reserve act.--Section 19(i) of the Federal 
        Reserve Act (12 U.S.C. 371a) is amended to read as follows:
    ``(i) [Repealed]''.
            (2) Home owners' loan act.--The 1st sentence of section 
        5(b)(1)(B) of the Home Owners' Loan Act (12 U.S.C. 
        1464(b)(1)(B)) is amended by striking ``savings association may 
        not--'' and all that follows through ``(ii) permit any'' and 
        inserting ``savings association may not permit any''.
            (3) Federal deposit insurance act.--Section 18(g) of the 
        Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended to 
        read as follows:
    ``(g) [Repealed]''.
    (c) Effective Date.--The amendments made by subsection (b) shall 
take effect at the end of the 3-year period beginning on the date of 
the enactment of this Act.

SEC. 3. INCREASED FEDERAL RESERVE BOARD FLEXIBILITY IN SETTING RESERVE 
              REQUIREMENTS.

    Section 19(b)(2) of the Federal Reserve Act (12 U.S.C. 461(b)(2)) 
is amended--
            (1) in clause (i), by striking ``the ratio of 3 per 
        centum'' and inserting ``a ratio not greater than 3 percent''; 
        and
            (2) in clause (ii), by striking ``and not less than 8 per 
        centum''.

            Passed the House of Representatives April 11, 2000.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.

Pages: 1

Other Popular 106th Congressional Bills Documents:

1 S. 2580 (is) To provide for the issuance of bonds to provide funding for the construction of schools of the Bureau of Indian Affairs of the Department of the Interior, and for other purposes. [Introduced in Senate] ...
2 H.R. 434 (eh) To authorize a new trade and investment policy for sub-Sahara Africa. [Engrossed in House] ...
3 S. 1652 (is) To designate the Old Executive Office Building located at 17th Street and Pennsylvania Avenue, NW, in Washington, District of Columbia, as the Dwight D. Eisenhower Executive Office Building. [Introduced in Senate] ...
4 S. 1466 (is) To amend chapter 8 of title 5, United States Code, to provide for congressional review of rules establishing or increasing taxes. [Introduced in Senate] ...
5 H.R. 4574 (ih) To authorize the Secretary of the Interior to make compensation for damages arising from a prescribed burn on the Bandelier National Monument in the State of New Mexico. [Introduced in House] ...
6 H.R. 532 (ih) To amend the Act of September 30, 1961, to limit the antitrust exemption applicable to broadcasting agreements made by leagues of professional sports, and for other purposes. [Introduced in House] ...
7 S. 1967 (is) To make technical corrections to the status of certain land held in trust for the Mississippi Band of Choctaw Indians, to take certain land into trust for that Band, and for other purposes. [Introduced in Senate] ...
8 H.Con.Res. 281 (rh) Authorizing the use of the East Front of the Capitol Grounds for performances sponsored by the John F. Kennedy Center for the Performing Arts. [Reported in House] ...
9 S. 1453 (is) To facilitate famine relief efforts and a comprehensive solution to the war in Sudan. [Introduced in Senate] ...
10 H.R. 3202 (ih) To require door delivery of mail sent to persons residing in senior communities. [Introduced in House] ...
11 H.R. 4600 (ih) To require schools and libraries to implement filtering or blocking technology for computers with Internet access as a condition of universal service discounts under the Communications Act of 1934. [Introduced in House] ...
12 H.Res. 435 (ih) Expressing the sense of the House of Representatives that Medicare beneficiaries should have access to outpatient prescription drug coverage. [Introduced in House] ...
13 S.Con.Res. 23 (enr) [Enrolled bill] ...
14 S. 3245 (is) To provide for the transfer of the Coast Guard Station Scituate to the National Oceanic and Atmospheric Administration, and for other purposes. [Introduced in Senate] ...
15 S. 111 (is) To authorize negotiation for the accession of Chile to the North American Free Trade Agreement, and for other purposes. [Introduced in Senate] ...
16 H.R. 2348 (ih) To authorize the Bureau of Reclamation to provide cost sharing for the endangered fish recovery implementation programs for the Upper Colorado and San Juan River Basins. [Introduced in House] ...
17 S. 614 (rs) To provide for regulatory reform in order to encourage investment, business, and economic development with respect to activities conducted on Indian lands. [Reported in Senate] ...
18 S. 1637 (es) To extend through the end of the current fiscal year certain expiring Federal Aviation Administration authorizations. [Engrossed in Senate] ...
19 S. 486 (rs) To provide for the punishment of methamphetamine laboratory operators, provide additional resources to combat methamphetamine production, trafficking, and abuse in the United States, and for other purposes. [Reported in Senate] ...
20 H.R. 3161 (ih) To provide for continuation of the Federal research investment in a fiscally sustainable way, and for other purposes. [Introduced in House] ...
21 H.Con.Res. 105 (ih) Authorizing the Law Enforcement Torch Run for the 1999 Special Olympics World Games to be run through the Capitol Grounds. [Introduced in House] ...
22 H.R. 1363 (ih) To specify that the legal public holiday known as Washington's Birthday be called by the name. [Introduced in House] ...
23 S. 356 (es) To authorize the Secretary of the Interior to convey certain works, facilities, and titles of the Gila Project, and designated lands within or adjacent to the Gila Project, to the Wellton-Mohawk Irrigation and Drainage District, and for other...
24 H.R. 2909 (ih) To provide for implementation by the United States of the Hague Convention on Protection of Children and Co-operation in Respect of Intercountry Adoption, and for other purposes. [Introduced in House] ...
25 H.Res. 519 (eh) [Engrossed in House] ...
26 H.Con.Res. 346 (ih) Concerning the establishment of a permanent United Nations security force. [Introduced in House] ...
27 H.R. 3184 (rh) For the relief of Zohreh Farhang Ghahfarokhi. [Reported in House] ...
28 H.Res. 367 (rh) Providing for consideration of the bill (H.R. 3073) to amend part A of title IV of the Social Security Act to provide for grants for projects designed to promote responsible fatherhood, and for other purposes. [Reported in House] %%Filenam...
29 H.R. 4656 (rds) To authorize the Forest Service to convey certain lands in the Lake Tahoe Basin to the Washoe County School District for use as an elementary school site. [Received in the Senate] ...
30 S. 1508 (rh) To provide technical and legal assistance to tribal justice systems and members of Indian tribes, and for other purposes. [Reported in House] ...


Other Documents:

106th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions

Additional

1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy