S. 2499 — Introduced in Senate

II 119th CONGRESS 1st Session S. 2499 IN THE SENATE OF THE UNITED STATES July 29, 2025Mr. Scott of Florida (for himself and Mr. Cruz) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Reserve Act to strike a provision relating to earnings on balances, and for other purposes. 1. Short title This Act may be cited as the Fiscal Accountability for Interest on Reserves Act or the FAIR Act. 2. Earnings on balances (a) In general Section 19(b) of the Federal Reserve Act (12 U.S.C. 461(b)) is amended by striking paragraph (12). (b) Effective date The amendment made by subsection (a) shall take effect on the date that is 180 days after the date of enactment of this Act.