II
119th CONGRESS
1st Session
S. 2499
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.
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.