PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Congressional Research Service
Version 00 · Introduced in House · Jul 31, 1997
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.
People & committees
Rep. Metcalf, Jack [R-WA-2] · R–WA
Legislative record
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Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the House Committee on Banking and Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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