From the ABA NewsBytes:
Sen. Chuck Hagel (R-Neb.) introduced a bill (S. 229) last week that would allow financial institutions to make internal sweeps from commercial checking accounts to demand deposit accounts 24 times a month -- or more if the Federal Reserve permits it. Two years after its enactment, the bill would repeal the current prohibition on the direct payment of interest on commercial accounts. It also would require the Fed to pay interest on sterile reserves at a rate not to exceed the general level of short-term interest rates. Hagel introduced similar legislation in the last Congress.

Andy Zavoina
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My opinions are not necessarily my employers.
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