Small Business Interest Checking Act of 2001

[AI summary unavailable — showing source text] Small Business Interest Checking Act of 2001- Amends Federal banking law governing interaccount transfers to provide that a depository institution may permit owners of certain interest- or dividend-paying accounts to make up to 24 transfers monthly for any purpose to their other accounts in the same institution. Amends the Federal Reserve Act to authorize a Federal reserve bank to pay interest at least quarterly (at a rate not to exceed the general level of short term interest rates) to a depository institution on any balance it maintains at the reserve bank. Repeals a specified restriction in order to authorize pass-through reserves for member banks (as well as non-member banks). Reformulates the mandatory depository institution reserve ratio to: (1) one that is not greater than three percent, and may be zero, (currently, a flat ratio of three percent) for transaction accounts of $25 million or less; and (2) reduce from eight percent to zero the minimum ratio for transaction accounts exceeding $25 million. (Thus authorizes zero reserve requirements for such accounts.) Requires the Federal Reserve banks to transfer certain surplus funds for deposit into the general fund of the Trea…