Business Checking Freedom Act of 2003

3.0.0 758 2023-01-15T23:18:00Z 2023-01-15T23:18:00Z House H HR 2003-02-13 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2003-04-02T22:04:53Z hsba00 Financial Services Committee House Standing hsba15 Consumer Protection and Financial Institutions Subcommittee Hearings by 2003-03-05T22:51:28Z Referred to 2003-03-05T22:51:02Z Reported by 2003-03-31T22:41:40Z Markup by 2003-03-13T22:02:57Z Referred to 2003-02-13T15:04:15Z H. Rept. 108-53 Business Checking Freedom Act of 2003 108 553 S 2003-03-06 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Identical bill CRS 2003-04-02 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2003-04-01 13:21:33 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2003-04-01 13:21:24 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2527-2529) Floor H37300 2 House floor actions 2003-04-01 13:21:24 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H2527-2529) Floor 8000 9 Library of Congress 2003-04-01 12:47:28 DEBATE - The House proceeded with forty minutes of debate on H.R. 758. Floor H8D000 2 House floor actions 2003-04-01 12:47:24 Considered under suspension of the rules. (consideration: CR H2527-2533) Floor H30000 2 House floor actions 2003-04-01 12:46:23 Mr. Bachus moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2003-03-31 Placed on the Union Calendar, Calendar No. 33. Calendars H12410 2 House floor actions U00033 2003-03-31 Reported (Amended) by the Committee on Financial Services. H. Rept. 108-53. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2003-03-31 Reported (Amended) by the Committee on Financial Services. H. Rept. 108-53. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2003-03-13 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by Voice Vote. Committee 2003-03-13 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2003-03-05 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2003-03-05 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2003-02-13 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2003-02-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2003-02-13 Introduced in House IntroReferral 1000 9 Library of Congress K000078 Rep. Kelly, Sue W. [R-NY-19] SUE KELLY R NY W. 19 N M000087 Rep. Maloney, Carolyn B. [D-NY-14] CAROLYN MALONEY D NY B. 14 2003-02-13 True C001047 Rep. Capito, Shelley Moore [R-WV-2] Shelley Capito R WV Moore 2 2003-02-13 True S000344 Rep. Sherman, Brad [D-CA-27] BRAD SHERMAN D CA 27 2003-02-13 True M001140 Rep. Moore, Dennis [D-KS-3] DENNIS MOORE D KS 3 2003-02-13 True B000403 Rep. Bereuter, Doug [R-NE-1] DOUGLAS BEREUTER R NE K. 1 2003-03-11 False 2003-03-27T06:00:00Z H.R. 758, Business Checking Freedom Act of 2003 http://www.cbo.gov/publication/14358 <p>Cost estimate for the bill as ordered reported by the House Committee on Financial Services on March 13, 2003</p> 2003-03-27T06:00:00Z H.R. 758, Business Checking Freedom Act of 2003 https://www.cbo.gov/publication/14358 Cost estimate for the bill as ordered reported by the House Committee on Financial Services on March 13, 2003 Finance and Financial Sector Administrative procedure Automated teller machines Bank accounts Bank deposits Bank reserves Commerce Congress Congressional reporting requirements Corporate finance Electronic funds transfers Federal Reserve System Fees Interest Interest rates Law NOW accounts Science, Technology, Communications Surveys Finance and Financial Sector

00 2003-02-13 Introduced in House 2006-11-28T17:35:40Z 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.]]>

17 2003-03-31 Reported to House with amendment(s) 2006-11-28T17:35:40Z (Sec. 3) Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits. Makes such repeal effective two years from the date of enactment.

(Sec. 4) Authorizes the payment of interest on reserves by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution.

Amends the Federal Reserve Act to require the Board to survey annually and report to Congress on bank fees and services including: (1) checking and other transaction accounts; (2) negotiable order of withdrawal and savings accounts; (3) automated teller machine transactions; and (4) other electronic transactions. Sets forth minimum survey requirements for each such account or transaction. Requires the survey to address minimum balance requirements as well as fees.

Requires the Board to report annually to Congress on the survey results.

Amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, to repeal certain reporting requirements.

(Sec. 5) 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.

(Sec. 6) Directs the Federal reserve banks to deposit additional surplus funds into the general fund of the Treasury for FY 2003 through 2007 equal to the estimated annual net revenue loss.

Prohibits such banks, during FY 2003 through 2007, from replenishing their respective surplus funds by the amount of any such transfer made to cover interest payments.]]>

36 2003-04-01 Passed House amended 2006-11-28T17:35:40Z (This measure has not been amended since it was reported to the House on March 31, 2003. The summary of that version is repeated here.)

Business Checking Freedom Act of 2003 - (Sec. 2) 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.

(Sec. 3) Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits. Makes such repeal effective two years from the date of enactment.

(Sec. 4) Authorizes the payment of interest on reserves by a Federal reserve bank at least quarterly on balances maintained there on behalf of a depository institution.

Requires the Board to report annually to Congress on the survey results.

Amends the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, to repeal certain reporting requirements.

(Sec. 5) 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.

(Sec. 6) Directs the Federal reserve banks to deposit additional surplus funds into the general fund of the Treasury for FY 2003 through 2007 equal to the estimated annual net revenue loss.

Prohibits such banks, during FY 2003 through 2007, from replenishing their respective surplus funds by the amount of any such transfer made to cover interest payments.]]>

Business Checking Freedom Act of 2003 Display Title Business Checking Freedom Act of 2003 Official Title as Introduced To allow all businesses to make up to 24 transfers each month from interest-bearing transaction accounts to other transaction accounts, to require the payment of interest on reserves held for depository institutions at Federal reserve banks, and for other purposes. Introduced in House IH Short Titles as Introduced Business Checking Freedom Act of 2003 Short Titles as Reported to House Business Checking Freedom Act of 2003 H House Short Titles as Passed House Business Checking Freedom Act of 2003 H House Referred in Senate 2003-04-02T05:00:00Z Engrossed in House 2003-04-01T05:00:00Z Reported in House 2003-03-31T05:00:00Z Introduced in House 2003-02-13T05:00:00Z 2003-04-02 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.