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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
October 3, 2001
#01-64 |
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E-mail:
[email protected] |
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ACB URGES PRESIDENT BUSH TO INCLUDE IN STIMULUS PLAN
REPEAL OF BAN ON BANKS PAYING INTEREST ON BUSINESS CHECKING
WASHINGTON, D.C. — America’s Community Bankers has strongly urged
President Bush to include in his economic stimulus plan repeal of the
prohibition on banks paying interest on business checking accounts. This is a
longstanding ACB legislative priority.
“Lifting the ban against banks offering interest-bearing business
checking accounts is a revenue-neutral way of stimulating the economy and
helping small businesses,” ACB said in a letter to the president. Joining
ACB were the Association of Financial Professionals and the Independent
Insurance Agents of America.
Numerous versions of legislation authorizing banks to pay interest on
business checking accounts have passed both houses of Congress, most recently by
the House as H.R. 974. The repeal has the support of the Treasury Department and
the Federal Reserve Board.
Copies of the letter were sent to the Republican and Democratic leaders
of the House and Senate.
The
letter is attached.
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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Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
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