This bill would completely eliminate the Federal Reserve System, including the Board of Governors and all regional Federal Reserve banks, and repeal the Federal Reserve Act that established them. The abolition would take effect one year after the law is enacted, during which time the Federal Reserve Chairman would wind down operations, manage remaining employees and their benefits, and liquidate the agency's assets. The Treasury Secretary would assume all remaining liabilities, including employee retirement benefits, with proceeds from asset sales deposited into the general Treasury fund. By 18 months after enactment, the Treasury Secretary and Office of Management and Budget Director must report to Congress on how the shutdown was implemented and any unresolved issues. The bill was introduced in March 2025 by a group of House Republicans and referred to the Committee on Financial Services.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.