Section 1. Short title
This Act may be cited as the Fiscal Accountability for Interest on Reserves Act or the FAIR Act.
(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.