The measure also would approve interest payments on reserves that banks must maintain at the Federal Reserve. Rep. Patrick Toomey, R-Pa., the sponsor, said the legislation would help small businesses make ends meet.
The ban was imposed in the 1930s because of concern that interest payments would lead to further insolvency in the struggling banking industry.
The Senate must still appro
- Reserve management practices are splintering
- EC’s Cyprus ‘failure’ undermined Eurozone central bank independence – Demetriades
- BIS paper defends credit gap measure
- De La Rue beats European competition to Swedish banknote contract
- Female regulators increase stability of the financial system, IMF paper finds