[Congressional Record (Bound Edition), Volume 147 (2001), Part 5]
[Extensions of Remarks]
[Page 6150]
[From the U.S. Government Publishing Office, www.gpo.gov]



              SMALL BUSINESS INTEREST CHECKING ACT OF 2001

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                               speech of

                         HON. MICHAEL G. OXLEY

                                of ohio

                    in the house of representatives

                         Tuesday, April 3, 2001

  Mr. OXLEY. Mr. Speaker, it has come to my attention that some 
language intended to be included in the report to accompany H.R. 974, 
the Small Business Interest Checking Act of 2001 (H. Rept. 107-38) was 
inadvertently omitted when the report was filed. The paragraph 
beginning on page 19 and ending on page 20 of that report, explaining 
section 7 of the legislation, should read as follows:

       This section provides that nothing in the bill is to be 
     construed as creating any presumption or implication that, in 
     the case of an escrow account maintained at a depository 
     institution in connection with a real estate transaction, the 
     absorption of expenses incidental to a normal banking 
     function, or the forbearance of any fee in connection with 
     the same, or the receipt of any benefits thereof by the 
     holder or the beneficiary of that escrow account, may be 
     treated as the payment or receipt of interest for purposes of 
     Public Law 93-100, the Federal Reserve Act, the Home Owner's 
     Loan Act, or the Federal Deposit Insurance Act. The Committee 
     intends that this provision clarify that the current 
     treatment of such transactions under Federal law and 
     regulation, particularly the regulations of the Board of 
     Governors of the Federal Reserve DD and Q, is unaffected by 
     this legislation. Current law does not treat the provision of 
     the services and benefits described by this section as the 
     payment or receipt of interest to or by the holder or 
     beneficiary of an escrow account, and that presumption will 
     remain the law upon the enactment of this bill.

  This language clarifies the intent of the Committee with respect to 
this provision, and corrects the omission in the printed report.

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