Mark Kelly: “My legislation today can be passed in such a way in which everyone wins. This has been an issue which has been pending…”

“My legislation today can be passed in such a way in which everyone wins. This has been an issue which has been pending before the Congress for the past 6 years. Last year, our committee passed everything before us now by a voice vote; and the full House also passed these provisions by a voice vote. It is my hope we can do that again today. The Small Business Interest Checking Act contains four initiatives. First, to repeal the prohibition on allowing banks to pay interest on business checking accounts after a transition period. This prohibition has been in place since the 1930s. While I believe it should be repealed, I believe a proper transition period is critical. The 2-year transition contained in this bill is not adequate in my estimation. However, I believe it is time that this legislation does move forward. Second, this legislation allows banks to increase money market deposits and savings accounts sweeps from the current 6 to 24 times a month.”