I 111th CONGRESS 1st Session H. R. 4067 IN THE HOUSE OF REPRESENTATIVES November 7, 2009 Mr. Murphy of New York (for himself and Mr. Jones) introduced the following bill; which was referred to the Committee on Financial Services A BILL To authorize interest-bearing transaction accounts at depository institutions, and for other purposes.

1.

Short title

This Act may be cited as the Business Checking Fairness Act of 2009.

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Section 19(i) of the Federal Reserve Act (12 U.S.C. 371a) is amended to read as follows: (i)[Repealed] .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Section 18(g) of the Federal Deposit Insurance Act (12 U.S.C. 1828(g)) is amended to read as follows: (g)[Repealed] .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.