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Prohibition on Interest Payments for Excess Bank Reserves

This bill aims to prohibit Federal Reserve banks from paying interest on excess reserves held by commercial banks. This change could influence how banks manage their funds, potentially altering their lending and investment decisions, which might indirectly affect the availability and cost of credit for citizens and businesses.
Key points
Federal Reserve banks will be prohibited from paying interest on excess reserves held by depository institutions.
This change could impact monetary policy and commercial banks' liquidity management decisions.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_7562
Sponsor: Rep. Davidson, Warren [R-OH-8]
Process start date: 2024-03-06
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Prohibition on IOER Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7562.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-06.

What are the main provisions?

Key points include:

  • Federal Reserve banks will be prohibited from paying interest on excess reserves held by depository institutions.
  • This change could impact monetary policy and commercial banks' liquidity management decisions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Davidson, Warren [R-OH-8].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy