The Fiscal Accountability for Interest on Reserves Act, also known as the FAIR Act, seeks to amend the Federal Reserve Act to remove a specific provision. Its central purpose is to eliminate the Federal Reserve's statutory authority to pay interest on balances held by depository institutions. This is achieved by striking paragraph (12) of Section 19(b) of the Federal Reserve Act. The proposed amendment would become effective 180 days after the bill is enacted into law, potentially altering a key tool used by the Federal Reserve for monetary policy.