[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2499 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 2499

  To amend the Federal Reserve Act to strike a provision relating to 
             earnings on balances, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 29, 2025

    Mr. Scott of Florida (for himself and Mr. Cruz) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Federal Reserve Act to strike a provision relating to 
             earnings on balances, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fiscal Accountability for Interest 
on Reserves Act'' or the ``FAIR Act''.

SEC. 2. EARNINGS ON BALANCES.

    (a) In General.--Section 19(b) of the Federal Reserve Act (12 
U.S.C. 461(b)) is amended by striking paragraph (12).
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the date that is 180 days after the date of enactment of 
this Act.
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