1224, the Business Checking Freedom Act of 2005. Let me briefly explain why the Board supports passage of these amendments, either in a stand-alone bill or as part of a broader regulatory relief bill. I will also discuss a little later why the Board does not support those aspects of H.R.
1224 that would, for the first time, authorize industrial loan companies that operate outside the supervisory framework established for other insured banks to offer interest-bearing transaction accounts to business customers. For the purpose of implementing monetary policy, the Board is obliged by law to establish reserve requirements on certain deposits held at depository institutions.