On the recordOctober 26, 2000
I rise to alert the House that there is a provision in this statute that I think is of seminal significance for the small business community. Since 1933, there has been a prohibition in the banking industry on the capacity of banks to pay interest on demand deposits for business. In this bill is a repeal of that prohibition. For the first time small business in the United States will be allowed to receive interest on their checking accounts at depository institutions. It is a phased-in circumstance over several years, with, at the beginning, a concept called sweep accounts involved, and then a complete prohibition comes into play. But I would just simply alert the body that this provision is in this bill, and I would like to also express my deep appreciation of the leadership for allowing this very important banking bill to come under consideration at this particular time.
Source
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