Bill > HR4789

This bill, known as the Fiscal Accountability for Interest on Reserves Act (FAIR Act), proposes to amend the Federal Reserve Act by removing a specific provision related to earnings on balances. Specifically, the bill targets Section 19(b) of the Federal Reserve Act and seeks to strike paragraph (12), which deals with how the Federal Reserve handles earnings on certain financial balances. The amendment would take effect 180 days after the bill's enactment, giving the Federal Reserve time to adjust to the change. While the bill's precise technical details are not fully elaborated in the provided text, it appears to be aimed at modifying the financial regulations governing the Federal Reserve's handling of interest and earnings, potentially changing how the central bank manages its financial reserves and associated interest payments.

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https://www.congress.gov/bill/119th-congress/house-bill/4789/all-info