Stop paying interest on excess bank reserves
What the document says“Stop paying interest on excess reserves.”
The chapter describes the policy, begun during the 2008 crisis, as the central bank effectively printing money and borrowing it back from banks rather than banks lending it to the public, calls it a transfer to Wall Street at the expense of the public, and notes excess reserves have reached $3.1 trillion, up seventyfold since 2007. It asks that Congress bring back the pre-2008 system founded on open-market operations, which it says minimizes the power to allocate credit preferentially.
What the document actually says“Stop paying interest on excess reserves.”
The Fed pays banks to leave money with it. That should stop.
Banks park spare money at the Fed. The Fed pays them interest on it. The book says that money should be lent out instead.
Read against the documents indexed here on August 26, 2026, and nothing was found that answers this. Nothing indexed changes the payment of interest on reserve balances or repeals the authority under which the Federal Reserve pays it. None of the candidates concerns the central bank. The closest by subject, PL 119-19 and PL 119-10, are Congressional Review Act resolutions disapproving a bank merger review rule and an overdraft lending rule, which are bank regulation rather than monetary policy. That is a record of a search, not a finding that nothing has happened: an act this site does not hold, or one that answers the proposal in words unlike its own, would not be caught by it.