Repeal

(a) In general Paragraph (12) of section 19(b) of the Federal Reserve Act (12 U.S.C. 461(b)) is hereby repealed. (b) Conforming amendments (1) Federal Reserve Act Section 19 of the Federal Reserve Act (12 U.S.C. 461 et seq.) is amended— (A) in subsection (b)(4)— (i) by redesignating subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively; and (ii) by inserting after subparagraph (B) the following: (C) The supplemental reserve authorized under subparagraph (A) shall be maintained by the Federal Reserve banks in an Earnings Participation Account. Except as provided in subsection (c)(1)(A)(ii), such Earnings Participation Account shall receive earnings to be paid by the Federal Reserve banks during each calendar quarter at a rate not more than the rate earned on the securities portfolio of the Federal Reserve System during the previous calendar quarter. The Board may prescribe rules and regulations concerning the payment of earnings on Earnings Participation Accounts by Federal Reserve banks under this paragraph.; and (B) in subsection (c)(1)(A), by striking subsection (b); and inserting subsection (b)(4)(C);. (2) Financial Services Regulatory Relief Act of 2006 The Financial Services Regulatory Relief Act of 2006 is amended— (A) by striking section 201; and (B) in the table of contents for such Act, by striking the item relating to section 201.