This bill would eliminate the Federal Reserve Board of Governors and all regional Federal Reserve banks one year after the legislation becomes law. The Federal Reserve Act would be repealed entirely, ending the central banking system that has operated in the United States since 1913. During a transition year, the Federal Reserve Chairman would wind down operations and liquidate the system's assets, with all proceeds going to the Treasury Department, while the Treasury would assume responsibility for all remaining liabilities and employee benefits. The bill does not specify how monetary policy functions would be replaced or transferred, nor does it provide alternative mechanisms for managing the nation's banking system or money supply. The Treasury Secretary and Director of the Office of Management and Budget would be required to submit a report to Congress 18 months after enactment describing the implementation status.
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