H.R. 146
119th CONGRESS 1st Session
To amend the Federal Reserve Act to prohibit Federal reserve banks from paying interest on excess reserves.
IN THE HOUSE OF REPRESENTATIVES · January 3, 2025 · Sponsor: Mr. Davidson · Committee: Committee on Financial Services
Table of contents
SEC. 1. Short title
- This Act may be cited as the Prohibition on IOER Act of 2025.
SEC. 2. Prohibition on payment of earnings on surplus reserves
- Section 19(b)(12) of the Federal Reserve Act () is amended— 12 U.S.C. 461(b)(12)
- in the heading, by inserting before ;
- in subparagraph (A), by inserting after the following: ;
- by redesignating subparagraph (C) as subparagraph (D); and
- (C) 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 paragraph.
- (C) Prohibition on other earnings
- by inserting after subparagraph (B) the following: