3.0.0 1586 2023-01-13T04:50:20Z 2023-01-13T04:50:20Z Senate S S 2005-07-29 109 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2005-07-29T21:49:45Z 2005-07-29 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2005-07-29 Introduced in Senate IntroReferral 10000 9 Library of Congress H001028 Sen. Hagel, Chuck [R-NE] CHUCK HAGEL R NE N S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2005-07-29 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2005-07-29 True Finance and Financial Sector Administrative procedure Bank accounts Bank deposits Checks Commerce Dividends Electronic funds transfers Federal Reserve System Housing and Community Development Interest Interest rates Law NOW accounts Science, Technology, Communications Settlement costs Trusts and trustees Finance and Financial Sector 00 2005-07-29 Introduced in Senate 2005-10-04T19:11:11Z Interest on Business Checking Act of 2005 - Amends Federal law to authorize interest-bearing transaction accounts for all businesses, permitting up to 24 transfers per month to another account of the owner in the same institution (or any greater number the Federal Reserve Board may determine).

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.

Requires a joint rulemaking by the federal banking agencies authorizing the payment of interest and dividends on transaction accounts at depository institutions under their respective jurisdictions.

Amends the Federal Reserve Act to authorize the payment of interest at least quarterly by a federal reserve bank on reserves maintained there on behalf of a depository institution.

Revises the ratio of reserves a depository institution must maintain against its transaction accounts, permitting a ratio of zero.

States that, where escrow accounts are maintained at a depository institution for completion of a real estate settlement transaction, specified expense-taking or fee-waiving activities shall not be treated as the payment or receipt of interest for purposes relating to the payment of interest on accounts or deposits maintained at depository institutions.

]]> Interest on Business Checking Act of 2005 Display Title Interest on Business Checking Act of 2005 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, to repeal the prohibition of interest on business accounts, and for other purposes. Introduced in Senate IS Short Titles as Introduced Interest on Business Checking Act of 2005 Introduced in Senate 2005-07-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s1586is/xml/BILLS-109s1586is.xml 2005-07-29 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.