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S 2499
Introduced Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.

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) Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Referred to
Banking, Housing, and Urban Affairs Committee
Policy area
Finance and Financial Sector
Issues
Economy & Taxes

Summary

This bill amends the Federal Reserve Act by removing the provision that allows the Federal Reserve to pay interest on the reserve balances that banks hold at the Federal Reserve. The amendment takes effect 180 days after the bill's enactment.

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)
1 cosponsor

Actions (2)
  1. Jul 29, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
  2. Jul 29, 2025 Introduced in Senate

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.

  • HR 4789 — FAIR Act · Introduced Jul 29, 2025 · Cong. 119 86%
  • S 401 — Fair Access to Banking Act · Introduced Feb 4, 2025 · Cong. 119 75%
  • S 1465 — Credit Access and Inclusion Act of 2025 · Introduced Apr 10, 2025 · Cong. 119 74%
  • HR 3173 — Federal Reserve Financial Accountability and Transparency Act · Introduced May 1, 2025 · Cong. 119 73%
  • S 2352 — PROTECTED Act · Introduced Jul 17, 2025 · Cong. 119 72%
  • S 2419 — Business of Insurance Regulatory Reform Act of 2025 · Introduced Jul 23, 2025 · Cong. 119 71%

Full text

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

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