The Federal Reserve Board Abolition Act would eliminate the Federal Reserve System, including the Board of Governors and all 12 regional Federal Reserve banks, along with repealing the Federal Reserve Act entirely. The bill would take effect one year after enactment, giving a transition period during which the Federal Reserve Chairman would wind down operations, manage employees, and liquidate assets under Treasury Department oversight. All Federal Reserve assets would be sold off in an orderly fashion, with proceeds transferred to the U.S. Treasury, while the Treasury Department would assume all outstanding liabilities including employee benefits and retirement obligations. The bill affects the nation's central banking system and monetary policy operations, as well as thousands of Federal Reserve employees across the country. The Secretary of the Treasury and the Director of the Office of Management and Budget would be required to report to Congress 18 months after enactment describing the implementation of the abolition.
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