HR 2323 · 105th Congress · Finance and Financial Sector
Small Business Banking Act of 1997
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the Subcommittee on Financial Institutions and Consumer Credit.(1997-08-15)
Plain Language Summary
[AI summary unavailable — showing source text]
Small Business Banking Act of 1997 - Amends the Federal Deposit Insurance Act (FDIA) to authorize any depository institution to permit an owner to make withdrawals by negotiable or transferable instrument from any interest-bearing or dividend bearing account in order to make payments to third parties (currently such withdrawals are permissible only for specified deposits). Amends the Federal Reserve Act, the Home Owners' Loan Act, and the FDIA to repeal the proscription against the payment of interest on demand deposits. (Sec.3) Amends the Federal Reserve Act to mandate interest payments at least quarterly on balances maintained at a Federal Reserve Bank to satisfy the reserve requirements of a depository institution. Authorizes the Board of Governors of the Federal Reserve System to prescribe regulations for such interest payments.…
Summarized by Claude AI · Non-partisan · For informational purposes only
CBO Cost Estimate
Congressional Budget OfficeH.R. 2323, The Small Business Banking Act of 1997
Sep 5, 1997Cost estimate for the bill as introduced on July 31, 1997
Full CBO report ↗Official non-partisan budget analysis by the Congressional Budget Office