Small Business Banking Act of 1999

Read twice and referred to the Committee on Banking.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Feb 3, 1999

Small Business Banking Act of 1999 - Amends Federal banking law with respect to a depository institution's authority to permit the holder of any interest-earning or dividend-earning deposit or account (negotiable order of withdrawal or NOW account) to make withdrawals from such account by negotiable or transferable instrument for the purpose of making payments to third parties. Repeals the restriction of such withdrawals to individuals, non-profit organizations and Federal, State, and local governments (thus allowing such withdrawals by businesses and other for-profit entities). Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the prohibition against the payment of interest on demand deposits by banks or Federal savings associations subject to their supervision.

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People & committees

Who introduced it

Sen. Hagel, Chuck [R-NE] · R–NE

Committees

Banking, Housing, and Urban Affairs Committee

2 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Feb 3, 1999
Read twice and referred to the Committee on Banking.
Feb 3, 1999
Sponsor introductory remarks on measure. (CR S1162-1163)
Feb 3, 1999
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Feb 3, 1999 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.

AI Conversation Starters

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Neutral evidence review

Objective

Analyze S.349 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.349, 106th Congress: Small Business Banking Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/senate-bill/349

Text version to examine: Introduced in Senate · 1999-02-03.

Official full text: https://www.congress.gov/106/bills/s349/BILLS-106s349is.htm

Imported record last updated by the source: 2025-08-20T14:19:01Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.349 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.349 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss S.349, 106th Congress: Small Business Banking Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/senate-bill/349

Text version to examine: Introduced in Senate · 1999-02-03.

Official full text: https://www.congress.gov/106/bills/s349/BILLS-106s349is.htm

Imported record last updated by the source: 2025-08-20T14:19:01Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.349 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.349 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss S.349, 106th Congress: Small Business Banking Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/senate-bill/349

Text version to examine: Introduced in Senate · 1999-02-03.

Official full text: https://www.congress.gov/106/bills/s349/BILLS-106s349is.htm

Imported record last updated by the source: 2025-08-20T14:19:01Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.349 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.349 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss S.349, 106th Congress: Small Business Banking Act of 1999

Official record: https://www.congress.gov/bill/106th-congress/senate-bill/349

Text version to examine: Introduced in Senate · 1999-02-03.

Official full text: https://www.congress.gov/106/bills/s349/BILLS-106s349is.htm

Imported record last updated by the source: 2025-08-20T14:19:01Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.349 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.