EXECUTIVE OFFICE OF THE PRESIDENT OFFICE OF MANAGEMENT AND BUDGET WASHINGTON, D.C. 20503
STATEMENT OF ADMINISTRATION POLICY (THIS STATEMENT HAS BEEN COORDINATED BY OMB WITH THE CONCERNED AGENCIES.)
April 11, 2000
H.R. 4067 - Business Checking Modernization Act
(Metcalf (R) Washington and 4 cosponsors)
The Administration supports H.R. 4067, which repeals prohibitions on banks'
payment of interest on business checking accounts. The bill would
eliminate unnecessary restrictions on the ability of banks to serve their
commercial customers and would level the playing field between banks and
other financial services providers that can compensate businesses for
deposits without similar legal restrictions. This legislation will
especially benefit America's small businesses. The Administration also is
pleased that unrelated measures have not been attached to this bill.