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This bill would abolish the Federal Reserve Board and all Federal Reserve Banks, along with repealing the entire Federal Reserve Act that established them. The legislation would take effect one year after enactment, giving the Federal Reserve a transition period to wind down its operations and transfer its responsibilities. During this one-year period, the Federal Reserve Chairman would manage the orderly closure, including compensating employees and liquidating assets under oversight of the Treasury Department and Office of Management and Budget. All assets would be sold off to maximize returns to the Treasury, all liabilities would transfer to the Secretary of the Treasury, and the net proceeds would be deposited into the federal government's general fund. The Treasury Secretary and Budget Director would be required to report to Congress within 18 months on how the implementation was completed and any remaining unresolved issues.

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