Corporate treasurers joined banks in lobbying for legislation that would permit interest to be paid on business checking accounts.

"This bill would eliminate an archaic banking law that has hampered the ability of America's businesses, and particularly smaller businesses, to make effective use of funds on deposit in banks," the Treasury Management Association told House Banking Committee Chairman Jim Leach, R-Iowa.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.