,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #adf  ,,in ,,the ,,house ,,of   
,,representatives  ,january #c1         
#bjbe,mr4 ,davidson introduced the      
following bill2 which was referred to   
the ,committee on ,financial ,services  
,a ,,bill  ,to amend the ,federal       
,reserve ,act to prohibit ,federal      
reserve banks from paying interest on   
excess reserves4  #a4 ,short title ,this
 ,act may be cited as the ,prohibition  
on ,,ioer ,act of #bjbe4  #b4           
,prohibition on payment of earnings on  
surplus reserves ,section #ai7;b77#ab7  
of the ,federal ,reserve ,act 7#ab      
,u4,s4,c4 #dfa7;b77#ab77 is amended--   
7#a7 in the heading1 by inserting       
required reserve before balances2  7#b7 
in subparagraph 7,a71 by inserting after
 ,balances the following3 of reserves   
required to be maintained by a          
depository institution under paragraph  
7#b7 that are2  7#c7 by redesignating   
subparagraph 7,c7 as subparagraph 7,d72 
and  7#d7 by inserting after            

subparagraph 7,b7 the following3  7,c7  
,prohibition on other earnings ,a       
,federal reserve bank may not pay       
earnings on balances maintained at a    
,federal reserve bank by or on behalf of
 a depository institution except as     
provided under this paragraph4  4