Bill > S2499

This bill, known as the "Fiscal Accountability for Interest on Reserves Act" or the "FAIR Act", proposes to amend the Federal Reserve Act by removing a specific provision related to earnings on balances. Specifically, the bill strikes paragraph (12) from Section 19(b) of the Federal Reserve Act, which concerns how the Federal Reserve handles earnings on certain financial balances. The amendment would take effect 180 days after the date the bill is enacted, giving the Federal Reserve time to adjust to the change. While the exact details of the removed paragraph are not provided in the bill text, the proposed change suggests a potential modification to how the Federal Reserve manages or reports on its financial earnings. The bill appears to be a targeted legislative effort to adjust the Federal Reserve's financial regulations with a focus on transparency or operational efficiency in the handling of balance sheet earnings.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/2499/all-info