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Ending Interest on Bank Reserves: Impact on Public Finances

This bill aims to stop the payment of interest on reserves that banks hold at the Federal Reserve. This could affect how the government manages money and potentially change the costs of public debt, indirectly impacting every citizen through the national budget.
Key points
The act removes the provision allowing the Federal Reserve to pay interest on bank reserves.
The change will take effect 180 days after the act is passed, allowing time for adjustment to the new rules.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_2499
Sponsor: Sen. Scott, Rick [R-FL]
Process start date: 2025-07-29
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

FAIR Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_2499.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-07-29.

What are the main provisions?

Key points include:

  • The act removes the provision allowing the Federal Reserve to pay interest on bank reserves.
  • The change will take effect 180 days after the act is passed, allowing time for adjustment to the new rules.
What is the specific legal status?

The current status is Introduced.

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 Sen. Scott, Rick [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Economy