The Senate Banking Committee will vote Wednesday on regulatory relief legislation, Chairman Phil Gramm announced.

The Texas Republican said the bill mirrors the one sponsored by Sens. Richard C. Shelby, R-Ala., and Connie Mack, R-Fla., that was approved by the committee in July. Sen. Gramm said the Financial Regulatory Relief and Economic Efficiency Act of 1999 would expand access to credit and capital.

The bill would allow banks to pay interest on business checking accounts and require the Federal Reserve to pay banks interest on required reserves.

Among other things, Sen. Gramm said the panel might also vote Wednesday on John D. Hawke Jr.'s nomination to be comptroller of the currency.

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