[Congressional Record Volume 171, Number 144 (Wednesday, September 3, 2025)]
[Senate]
[Page S6022]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3761. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 2296, to authorize appropriations for fiscal year 
2026 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. PROHIBITION ON EARNINGS AND OVERNIGHT REVERSE 
                   REPURCHASE AGREEMENT FACILITIES.

       (a) Earnings.--Section 19(b) of the Federal Reserve Act (12 
     U.S.C. 461(b)) is amended by striking paragraph (12) and 
     inserting the following:
       ``(12) Earnings on balances.--No Federal Reserve bank may 
     pay earnings on balances maintained at a Federal Reserve bank 
     by or on behalf of a depository institution.''.
       (b) Overnight Reverse Repurchase Agreement Facilities.--
     Section 14(b)(2) of the Federal Reserve Act (12 U.S.C. 
     355(2)) is amended--
       (1) by striking ``(2) To'' and inserting ``(2)(A) Except as 
     provided in subparagraph (B), to''; and
       (2) by adding at the end the following:
       ``(B) No Federal reserve bank may participate in any 
     overnight reverse repurchase agreement facility or enter into 
     any reverse repurchase agreement.''.
       (c) Effective Date.--This section and the amendments made 
     by this section shall take effect on the date that is 180 
     days after the date of enactment of this Act.
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