119 S2499 IS: Fiscal Accountability for Interest on Reserves Act U.S. Senate 2025-07-29 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II119th CONGRESS1st SessionS. 2499IN THE SENATE OF THE UNITED STATESJuly 29, 2025Mr. 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 AffairsA BILLTo amend the Federal Reserve Act to strike a provision relating to earnings on balances, and for other purposes.

1.

Short title

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

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.