[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1009 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1009

    To repeal the prohibition on the payment of interest on demand 
                               deposits.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 13, 2001

  Mr. Toomey (for himself, Mr. Kanjorski, Mr. Gonzalez, Mr. Ney, Ms. 
    Hooley of Oregon, Mrs. Roukema, and Ms. Capito) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
    To repeal the prohibition on the payment of interest on demand 
                               deposits.

    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 Freedom Act of 
2001''.

SEC. 2. INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED.

    (a) 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    ``(i) [Repealed]''.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 first 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    ``(g) [Repealed]''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect at the end of the 1-year period beginning on the date of 
the enactment of this Act.
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