3.0.0 553 2023-01-15T22:48:20Z 2023-01-15T22:48:20Z Senate S S 2003-03-06 108 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2003-03-06T20:59:37Z Business Checking Freedom Act of 2003 108 758 HR 2003-04-02 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Identical bill CRS 2003-03-06 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2003-03-06 Introduced in Senate IntroReferral 10000 9 Library of Congress S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. N Finance and Financial Sector Administrative procedure Bank accounts Bank deposits Bank reserves Commerce Corporate finance Dividends Economics and Public Finance Federal Reserve System Government Operations and Politics Interest Law Monetary policy Money supply NOW accounts Savings accounts Finance and Financial Sector 00 2003-03-06 Introduced in Senate 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.]]>

Business Checking Freedom Act of 2003 Display Title Business Checking Freedom Act of 2003 Official Title as Introduced A bill 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 Senate IS Short Titles as Introduced Business Checking Freedom Act of 2003 Introduced in Senate 2003-03-06T05:00:00Z 2003-03-06 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.