PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2776)
Congressional Research Service
Version 00 · Introduced in Senate · Mar 22, 2001
Small Business Checking Regulatory Relief 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.Repeals specified limitations to authorize certain depository institutions offering demand deposits to permit all owners of a interest- or dividend-paying deposit or account to make withdrawals by negotiable or transferable instruments for the purpose of making payments to third parties. Requires interest payments on an escrow account maintained in connection with a loan only if they are required by contract between the lender (or servicer) and borrower or by specific State law.Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to repeal the proscription against payment of interest on demand deposits.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.)
People & committees
Sen. Shelby, Richard C. [R-AL] · R–AL
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S2776)
Introduced in Senate
Primary sources
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Source last updated: Aug 19, 2025. Consult Congress.gov for the current record.
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Analyze S.601 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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