Prohibition on IOER Act of 2024
Latest Action
Referred to the House Committee on Financial Services.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™The Prohibition on IOER Act of 2024 is a House bill introduced in the 118th Congress that seeks to prohibit the payment of Interest on Excess Reserves (IOER) by the Federal Reserve. The bill was referred to the House Committee on Financial Services but did not advance further and is currently classified as failed or expired. No official summary or full text is publicly available, limiting detailed analysis of its specific provisions. The policy area relates to finance and the financial sector, particularly monetary policy tools used by the Federal Reserve.
This bill aimed to eliminate the Federal Reserve's ability to pay interest on excess reserves, but it did not progress beyond committee referral and is now expired.
- The bill targets the Federal Reserve's practice of paying interest on excess reserves held by banks.
- It was introduced in the House and referred to the House Committee on Financial Services on March 6, 2024.
- The bill did not advance past committee and is currently classified as failed or expired.
['Potential beneficiaries could include entities or individuals who view the elimination of IOER as a means to influence monetary policy or banking sector behavior, though specific beneficiaries are not detailed due to lack of bill text.', 'Financial institutions that hold excess reserves might be affected by the prohibition but are not explicitly identified as beneficiaries.']
['Lack of publicly available full bill text limits understanding of implementation mechanisms and enforcement.', 'Potential impacts on Federal Reserve monetary policy tools and banking sector liquidity management are not detailed.', 'Oversight and authority changes related to Federal Reserve operations are unclear due to missing text.']
The bill was introduced during the 118th Congress and referred to the House Committee on Financial Services. It addresses a specific Federal Reserve policy tool within the broader context of financial sector regulation and monetary policy. The bill did not advance beyond committee and is now considered failed or expired.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Eliminating IOER could influence bank reserve management strategies, potentially affecting credit availability.', 'Changes in Federal Reserve policy tools might impact broader financial market stability or interest rate levels.', 'Potential shifts in monetary policy transmission mechanisms could affect economic conditions indirectly.']
Transparency is limited due to the absence of full bill text and an official summary, restricting comprehensive analysis. Oversight considerations include how the prohibition would be enforced and its effects on Federal Reserve authority. Monitoring legislative progress and obtaining full text would be necessary for deeper evaluation.
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