Magazine article American Banker

Bank Bills May Ride Piggyback

Magazine article American Banker

Bank Bills May Ride Piggyback

Article excerpt

Senate Banking Committee Chairman Phil Gramm and House Banking Committee Chairman Jim Leach are engaged in an 11th-hour effort to bundle several banking bills and attach them to unrelated, fast-moving legislation that Congress must adopt before adjournment.

While committee spokesmen were vague about which banking bills could be packaged, they said they plan to include legislation that would let banks pay interest on business checking accounts as early as 2002.

Industry lobbyists predicted that lawmakers would also package a measure that would expand the number of withdrawals that corporate customers could make each month from sweep, or money market deposit, accounts in the interim.

The last-minute push also could include a bill that would authorize payment of interest on mandatory reserves held at the Federal Reserve, lobbyists said.

Capitol Hill sources said the top Senate and House Banking Democrats, Sen. Paul Sarbanes of Maryland and Rep. John LaFalce of New York, are in on the talks.

"Nothing will get through that doesn't have bipartisan and (Clinton) administration support," a spokeswoman for the House Banking Democrats said.

In other congressional matters, lobbyists representing financial services firms that offer swaps contracts are not happy with a Republican compromise proposal on legislation that would revise the laws governing derivatives transactions.

Staff members of the House and Senate Banking and Agriculture committees and the House Commerce Committee sent the Treasury Department and congressional Democrats a 247-page draft written over the weekend. …

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