WASHINGTON — The House Financial Services Committee is expected to approve legislation today that would let banks pay interest on business checking accounts as early as 2003, temporarily expand sweep accounts, and let the federal government pay interest on bank reserves.

A bill supported by the panel’s financial institutions subcommittee last week would repeal a Depression-era prohibition on interest-bearing commercial checking accounts one year after enactment, but Committee Chairman Michael G. Oxley is expected to offer an amendment to extend the phase-in period to two years.

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