To direct the Board of Governors of the Federal Reserve System to revise the transfers and withdrawals limit with respect to savings deposits and transaction accounts, and for other purposes.

Bill: 116-hr-5460
Sponsor: full_name: Rep. Perry, Scott [R-PA-10]
Introduced: 2019-12-17
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Federal Reserve System
Latest action: action_date: 2019-12-17
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2019-12-17
action_desc: Introduced in House
text: <p>This bill directs the Federal Reserve Board to increase (1) the number of transfers and withdrawals permitted for savings deposit accounts, and (2) the withdrawal threshold for transaction accounts.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 5460 IN THE HOUSE OF REPRESENTATIVES December 17, 2019 Mr. Perry introduced the following bill; which was referred to the Committee on Financial Services A BILL To direct the Board of Governors of the Federal Reserve System to revise the transfers and withdrawals limit with respect to savings deposits and transaction accounts, and for other purposes.

1. Revision of transfers and withdrawals limit Not later than 90 days after the date of the enactment of this Act, the Board of Governors of the Federal Reserve System shall modify title 12, Code of Federal Regulations— (1) to increase the transfers and withdrawals limitation under section 204.2(d)(2) thereof (defining savings deposit) from six to 30; and (2) to increase the withdrawal threshold under section 204.2(e)(4) thereof (defining transaction account) from six to 30.