HR 4427 · 106th Congress · Finance and Financial Sector
Banking Equal Treatment Act of 2000
Bill Progress
✓
Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to the House Committee on Banking and Financial Services.(2000-05-11)
Plain Language Summary
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Banking Equal Treatment Act of 2000 - Amends the Federal Reserve Act to authorize: (1) a Federal reserve bank to pay interest on earnings at least quarterly on depository institution balances maintained at a Federal reserve bank; and (2) the Board of Governors of the Federal Reserve System to prescribe implementing regulations. Requires the Federal reserve banks to transfer specified surplus funds to the Board for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury for FY 2001 through 2005. Prohibits replenishment of the surplus fund during the fiscal year for which such transfer is made. Mandates that each insured depository institution make available to consumers a consumer transaction account to be known as an "affordable transaction account". Sets forth operational parameters to be prescribed by the Board.…
Summarized by Claude AI · Non-partisan · For informational purposes only