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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
April 3, 2001
#01-29 |
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E-mail:
[email protected] |
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ACB APPLAUDS HOUSE PASSAGE OF BUSINESS CHECKING BILL
Statement by Diane M. Casey, president, America’s Community Bankers, on House passage today by voice vote of H.R. 974, a bill to repeal the ban on banks paying interest on business checking accounts and allow the Federal Reserve System to pay interest on sterile reserves:
Community banks and small businesses were the winners when the House overwhelmingly passed legislation giving banks the option of paying interest on business checking accounts and allowing the Federal Reserve System to pay interest to banks on sterile reserves.
Community banks overcame the opposition of the big banks, which sought to maintain a system of paying large business customers a return on their idle corporate funds that put smaller banks
at a competitive disadvantage.
The legislation will be give community banks the tools to better serve their small business customers, a goal America’s Community Bankers set when it brought the idea of eliminating the ban on paying interest on business accounts to Congress in 1995.
ACB will work with the Senate to also pass the legislation.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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