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US HB4789

Bill

Official Source

Status

Introduced

7/29/2025

Primary Sponsor

Warren Davidson

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Origin

House of Representatives

119th Congress

AI Summary

  • Eliminates the Federal Reserve's authority to pay interest on reserve balances held by depository institutions by striking paragraph (12) from Section 19(b) of the Federal Reserve Act (12 U.S.C. 461(b))

  • Amends the Federal Reserve Act, which currently allows the Fed to pay earnings on balances maintained at Federal Reserve Banks

  • Takes effect 180 days after enactment, providing a transition period for implementation

  • Introduced by Rep. Davidson on July 29, 2025, and referred to the House Committee on Financial Services

Legislative Description

FAIR Act Fiscal Accountability for Interest on Reserves Act

Finance and financial sector

Last Action

Referred to the House Committee on Financial Services.

7/29/2025

Committee Referrals

Financial Services7/29/2025

Full Bill Text

No bill text available