PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Congressional Research Service
Version 00 · Introduced in House · Feb 10, 2000
Small Business Interest Checking Act of 2000 - 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 require 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 to meet reserve requirements.Authorizes the Board of Governors of the Federal Reserve System to prescribe implementing regulations.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 the Federal Reserve Board to set zero reserve requirements for such accounts.)
People & committees
Rep. Kelly, Sue W. [R-NY-19] · R–NY
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
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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