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HR 4789
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FAIR Act

To amend the Federal Reserve Act to strike a provision relating to earnings on balances, and for other purposes.

Introduced Jul 29, 2025

Latest action (Jul 29, 2025) Referred to the House Committee on Financial Services.

Referred to
Financial Services Committee
Policy area
Finance and Financial Sector

Summary

The bill amends the Federal Reserve Act by removing a provision related to earnings on reserve balances that banks maintain at the Federal Reserve. The removed provision pertains to interest or other earnings the Federal Reserve pays or credits on reserve deposits. The amendment takes effect 180 days after the bill is enacted.

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)
  1. Jul 29, 2025 Referred to the House Committee on Financial Services. · house
  2. Jul 29, 2025 Introduced in House

Similar bills (6)

Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.

  • S 2499 — FAIR Act · Introduced Jul 29, 2025 · Cong. 119 86%
  • HR 987 — Fair Access to Banking Act · Introduced Feb 5, 2025 · Cong. 119 80%
  • HR 3173 — Federal Reserve Financial Accountability and Transparency Act · Introduced May 1, 2025 · Cong. 119 78%
  • S 401 — Fair Access to Banking Act · Introduced Feb 4, 2025 · Cong. 119 75%
  • HR 4975 — TOO LATE Act · Introduced Aug 15, 2025 · Cong. 119 73%
  • HR 940 — FAIR Exams Act · Introduced Jul 25, 2025 · Cong. 119 73%

Text versions (1)
  • Introduced in House · Jul 29, 2025

Only one text version is on file, so there’s no earlier version to compare against yet.

Full text

IN THE HOUSE OF REPRESENTATIVES

July 29, 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 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 (a) shall take effect on the date that is 180 days after the date of enactment of this Act. <all>

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