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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.