Bill · S. 2499· Senate(119-S-2499)
FAIR Act
- Introduced
- 7/29/2025
- Last activity
- 7/29/2025 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Rick Scott
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
This bill is known as the Fiscal Accountability for Interest on Reserves Act, or the FAIR Act. It was introduced in the Senate on July 29, 2025, by Mr. Scott of Florida and Mr. Cruz. The primary purpose of the legislation is to amend the Federal Reserve Act. Specifically, it strikes a provision related to earnings on balances. The change outlined in the bill is set to take effect 180 days after the date it is enacted.
Yes
Does this reduce what the federal government spends?+3
Eliminating interest payments on reserve balances held by the Federal Reserve could potentially reduce government expenditures related to monetary policy servicing costs.
Does this make the government pay for what it commits to?+2
The bill aims to increase fiscal accountability by altering how the Federal Reserve handles earnings on balances.
Does this make what the government does easier for the public to see?+1
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
- Section 2: This section amends the Federal Reserve Act to strike paragraph (12) regarding earnings on balances. While the text of the bill removes this provision, the provided text does not contain any details or explanations regarding positive outcomes or benefits for individuals or groups.
Potential Negative Impacts for People
- Section 2: This section removes the provision relating to earnings on balances from the Federal Reserve Act, effective 180 days after enactment. However, the provided text does not contain any details or explanations regarding negative consequences or burdens for individuals or groups.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Reduces Government Spending+3Improves Fiscal Responsibility+2
- Governance And Ideology
- Improves Government Transparency+1
- 7/29/2025
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Ted CruzRepublican · Texas