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Prohibition on IOER Act of 2025
To amend the Federal Reserve Act to prohibit Federal reserve banks from paying interest on excess reserves.
Summary
This bill amends the Federal Reserve Act to prohibit Federal Reserve banks from paying interest on excess reserves held by depository institutions. The amendment limits interest payments to only reserves that banks are required to maintain, eliminating earnings on balances above those minimums. This would restrict the Federal Reserve's ability to pay interest on surplus or excess reserve balances maintained at Federal Reserve banks.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Jan 3, 2025 Referred to the House Committee on Financial Services. · house
- Jan 3, 2025 Introduced in House
More bills on these subjects (8)
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Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
January 3, 2025
Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Federal Reserve Act to prohibit Federal reserve banks from paying interest on excess reserves.
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 “Prohibition on IOER Act of 2025”.
SEC. 2. PROHIBITION ON PAYMENT OF EARNINGS ON SURPLUS RESERVES.
Section 19(b)(12) of the Federal Reserve Act (12 U.S.C. 461(b)(12)) is amended—
(1) in the heading, by inserting “required reserve” before “balances”;
(2) in subparagraph (A), by inserting after “Balances” the following: “of reserves required to be maintained by a depository institution under paragraph (2) that are”;
(3) by redesignating subparagraph (C) as subparagraph (D); and
(4) by inserting after subparagraph (B) the following:
“(C) Prohibition on other earnings.—A Federal reserve bank may not pay earnings on balances maintained at a Federal reserve bank by or on behalf of a depository institution except as provided under this paragraph.”. <all>
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