Summary: H.R.4067 — 106th Congress (1999-2000)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House amended (04/11/2000)

Business Checking Modernization Act - Amends the Federal Reserve Act, the Home Owners' Loan Act, and the Federal Deposit Insurance Act to: (1) provide that a depository institution may permit owners of interest or dividend paying accounts to make up to 24 transfers monthly for any purpose to their other demand deposits in the same institution; and (2) repeal the proscription against the payment of interest on demand deposits.

Eliminates the minimum mandatory reserve ratios for depository institutions.