The main purpose of this legislation is to modify the Federal Reserve Act by removing a specific provision related to earnings on reserves held by banks. This change aims to enhance fiscal accountability concerning how interest is managed on these balances. The key provision of the legislation focuses on deleting a particular paragraph from the Federal Reserve Act that outlines how earnings on balances are calculated and distributed. By striking this provision, the legislation seeks to alter the existing framework governing these earnings, although it does not specify what will replace it.