[Congressional Record Volume 154, Number 144 (Thursday, September 11, 2008)]
[Extensions of Remarks]
[Page E1772]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             BILL TO AMEND EXPEDITED FUNDS AVAILABILITY ACT

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                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                      Thursday, September 11, 2008

  Mrs. MALONEY of New York. Madam Speaker, this bill amends the 
Expedited Funds Availability Act, EFAA, to provide a 1-time adjustment 
in certain dollar amounts to account for inflation over the 21 years 
since the enactment of such Act, to provide for future adjustments of 
such amounts on a regular basis, and for other purposes.
  In reviewing the effects of the Check 21 Act, it came to the 
attention of many observers, including the Federal Reserve, that the 
amounts specified by the EFAA as available for immediate withdrawal had 
not been increased in over two decades and no provision had been made 
for indexing those amounts for inflation. This bill accomplishes those 
two goals with respect to some of the amounts specified in the statute.
  The Board of Governors of the Federal Reserve approved an earlier 
version of this legislation which also contained provisions increasing 
the amounts immediately available under the large deposit and new 
account sections of the EFAA. Those provisions have been removed from 
this legislation due to industry concerns, but no provisions have been 
added that were not approved by the Board.
  This legislation is long overdue and will adjust basic banking 
regulations for inflation.

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