Bill on business checking accounts in mark up
WASHINGTON-At press time, two bills concerning allowing interest to be paid on business checking accounts were facing mark up by the House Subcommittee on Financial Institutions and Consumer Credit. The House Financial Services' Subcommittee was scheduled to consider the Small Business Interest Checking Act (H.R. 974) and the Business Checking Freedom Act (H.R. 1009). H.R. 974 would permit a revised 24-transaction sweep account and authorize the Federal Reserve to pay interest on bank reserve balances. The subcommittee will also discuss H.R. 1009, which would end the ban on interest payments for business accounts.