Federal RuleAug 21
62
DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
HR4789119th CongressWALLET
FAIR Act
Sponsored By: Representative Davidson, Warren [R-OH-8]
Introduced
Summary
Removes the federal rule that governs how earnings on reserve balances are handled by the Federal Reserve. The bill would strike paragraph (12) of Section 19(b) of the Federal Reserve Act and make that repeal take effect 180 days after enactment.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
End Fed interest on bank reserves
This bill would repeal the law that lets the Federal Reserve pay interest on bank reserve balances. The change would start 180 days after enactment. Banks and the Fed would need new rules for reserves. Households could feel indirect effects through loan rates, savings rates, or federal payments. The bill does not set a replacement policy.
Sponsors & CoSponsors
Sponsor
Davidson, Warren [R-OH-8]
OH • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov