FAIR Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2499 Introduced in Senate (IS)] <DOC> 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…