118th Congress · HOUSE BILLBILL

H.R. 7562 — Prohibition on IOER Act of 2024

“To amend the Federal Reserve Act to prohibit Federal reserve banks from paying interest on excess reserves.”

Finance and financial sector

Introduced Mar 6, 2024

Last action Mar 6, 2024

Pipeline · Bill → Law

Step 1

Introduced

Mar 6, 2024

Step 2

Referred

Mar 6, 2024

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill prohibits a Federal Reserve bank from paying interest to a depository institution on reserve balances in excess of minimum requirements.

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Mar 6, 2024

Introduced in House

Mar 6, 2024

Referred to the House Committee on Financial Services.