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.
Status:
Introduced
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