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117TH CONGRESS
1ST SESSION H. R. 1497
To amend the Expedited Funds Availability Act to require funds deposited
by check from the Federal Government to be made available immediately.
IN THE HOUSE OF REPRESENTATIVES
MARCH 2, 2021
Mr. FOSTER introduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To amend the Expedited Funds Availability Act to require
funds deposited by check from the Federal Government
to be made available immediately.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. AVAILABILITY OF FUNDS IN CONNECTION
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WITH FEDERAL GOVERNMENT CHECKS.
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(a) IN GENERAL.—Section 603(a) of the Expedited
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Funds Availability Act (12 U.S.C. 4002(a)) is amended—
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(1) in the heading, by striking ‘‘NEXT BUSI-
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NESS DAY’’;
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(2) by redesignating paragraph (2) as para-
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graph (3);
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(3) by inserting after paragraph (1) the fol-
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lowing:
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‘‘(2) GOVERNMENT CHECKS.—Funds deposited
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in an account at a depository institution by check
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shall be available for withdrawal immediately in the
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case of a check which—
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‘‘(A) is drawn on the Treasury of the
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United States; and
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‘‘(B) is endorsed only by the person to
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whom it was issued.’’; and
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(4) in paragraph (3), as so redesignated—
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(A) in the heading, by striking ‘‘GOVERN-
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MENT CHECKS; CERTAIN’’ and inserting ‘‘CER-
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TAIN’’;
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(B) by striking subparagraph (A); and
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(C) by redesignating subparagraphs (B)
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through (F) as subparagraphs (A) through (E),
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respectively.
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(b) CONFORMING AMENDMENTS.—The Expedited
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Funds Availability Act (12 U.S.C. 4001 et seq.) is amend-
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ed—
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(1) by striking ‘‘subsections (a)(2)’’ each place
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such term appears and inserting ‘‘subsections (a)(2),
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(a)(3)’’;
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(2) by striking ‘‘in subsection (a)(2)’’ each
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place such term appears and inserting ‘‘in paragraph
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(2) or (3) of subsection (a)’’;
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(3) in section 603—
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(A) in subsection (b)(3)(C), by striking
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‘‘subsection (a)(2)(D)’’ and inserting ‘‘sub-
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section (a)(3)(C)’’; and
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(B) in subsection (c)(1)(B)(iii), by striking
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‘‘subsection (a)(2)(D)’’ and inserting ‘‘sub-
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section (a)(3)(C)’’; and
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(4) in section 604—
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(A) in subsection (a)(1)(D), by striking
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‘‘subparagraph (A), (B), or (C) of section
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603(a)(2)’’ and inserting ‘‘section 603(a)(2) or
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subparagraph (A) or (B) of section 603(a)(3)’’;
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and
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(B) in subsection (b), by striking ‘‘sub-
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section (a)(2)’’ and inserting ‘‘subsection (a)(2),
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(a)(3)’’.
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