WASHINGTON — The House Financial Services financial institutions subcommittee has scheduled a vote for Wednesday on legislation that would let banks pay interest on business checking accounts as early as next year and expand sweep accounts in the interim.

One bill under consideration would, a year after enactment, repeal a Depression-era prohibition on interest-bearing commercial checking accounts. Rep. Melissa A. Hart, R-Pa., is expected to offer an amendment Wednesday that would delay the effective date until three years after enactment.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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