The Senate introduced this bill (S.553) on 3/6/03 and it was passed by the House on 4/2/03. Does that mean that this bill is now law or does it have to go back to the Senate? (I know I learned this on School House Rock, but I've forgotten...). Is it in effect now?

The law will allow all businesses to make up to 24 transfers each month from interest-bearing transactions accounts to other transaction accounts. Will these interest-bearing transaction accounts be MMDAs or are we talking a new class of accounts here?

Is this new bill essentially the same thing as the "Business Checking Modernization Act" that was passed by Congress in 2000? I take it that bill never became law.

Thanks!

I am not familiar with each individually, but differences between the House and Senate versions would have to ironed out in committee and approved.

If there are none, well maybe with interest rates at their lowest point since 1958, we will pay on a demand deposit commercial account.

I'm just a bill,
Yes, I'm only a bill,
And I'm sitting here on Capitol Hill.
Well, it's a long, long journey
To the capital city,
It's a long, long wait
While I'm sitting in committee,
But I know I'll be a law someday...
At least I hope and pray that I will,
But today I'm still just a bill.