Title: To amend the Expedited Funds Availability Act to require funds deposited by check from the Federal Government to be made available immediately.
Policy area: Finance and Financial Sector

Summary:
This bill requires a depository institution to make funds from a government check available immediately for withdrawal. Currently, these funds must be made available the next business day after deposit.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1497 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 1497

    To amend the Expedited Funds Availability Act to require funds 
  deposited by check from the Federal Government to be made available 
                              immediately.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 2, 2021

  Mr. Foster introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Expedited Funds Availability Act to require funds 
  deposited by check from the Federal Government to be made available 
                              immediately.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. AVAILABILITY OF FUNDS IN CONNECTION WITH FEDERAL GOVERNMENT 
              CHECKS.

    (a) In General.--Section 603(a) of the Expedited Funds Availability 
Act (12 U.S.C. 4002(a)) is amended--
            (1) in the heading, by striking ``Next Business Day'';
            (2) by redesignating paragraph (2) as paragraph (3);
            (3) by inserting after paragraph (1) the following:
            ``(2) Government checks.--Funds deposited in an account at 
        a depository institution by check shall be available for 
        withdrawal immediately in the case of a check which--
                    ``(A) is drawn on the Treasury of the United 
                States; and
                    ``(B) is endorsed only by the person to whom it was 
                issued.''; and
            (4) in paragraph (3), as so redesignated--
                    (A) in the heading, by striking ``Government 
                checks; certain'' and inserting ``Certain'';
                    (B) by striking subparagraph (A); and
                    (C) by redesignating subparagraphs (B) through (F) 
                as subparagraphs (A) through (E), respectively.
    (b) Conforming Amendments.--The Expedited Funds Availability Act 
(12 U.S.C. 4001 et seq.) is amended--
            (1) by striking ``subsections (a)(2)'' each place such term 
        appears and inserting ``subsections (a)(2), (a)(3)'';
            (2) by striking ``in subsection (a)(2)'' each place such 
        term appears and inserting ``in paragraph (2) or (3) of 
        subsection (a)'';
            (3) in section 603--
                    (A) in subsection (b)(3)(C), by striking 
                ``subsection (a)(2)(D)'' and inserting ``subsection 
                (a)(3)(C)''; and
                    (B) in subsection (c)(1)(B)(iii), by striking 
                ``subsection (a)(2)(D)'' and inserting ``subsection 
                (a)(3)(C)''; and
            (4) in section 604--
                    (A) in subsection (a)(1)(D), by striking 
                ``subparagraph (A), (B), or (C) of section 603(a)(2)'' 
                and inserting ``section 603(a)(2) or subparagraph (A) 
                or (B) of section 603(a)(3)''; and
                    (B) in subsection (b), by striking ``subsection 
                (a)(2)'' and inserting ``subsection (a)(2), (a)(3)''.
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