Amendment removes the prohibition on banks from paying interest on business checking accounts and allows the Federal Reserve to pay interest on reserves that banks need to keep within the Federal Reserve system.

Purpose:

An amendment numbered 6 printed in House Report 108-439 to add a new title at the end of the bill that removes the prohibition on banks from paying interest on business checking accounts and would allow the Federal Reserve to pay interest on sterile reserves. The language of the amendment is similar to the text of H.R. 758, the Business Checking Freedom Act.

House Amendment Code:

(A006)

House Tally Clerks use this code to manage amendment information.