Bill > HR8421

This bill, the Federal Reserve Board Abolition Act, proposes to abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, and repeal the Federal Reserve Act. The bill outlines a one-year transition period during which the Chairman of the Board of Governors will manage the employees and assets/liabilities of the Board and Federal reserve banks, with the Director of the Office of Management and Budget liquidating the assets and transferring the net proceeds to the Treasury. The Secretary of the Treasury will assume all outstanding liabilities of the Board and Federal reserve banks, including employee retirement and benefit programs. The bill also requires a joint report from the Secretary of the Treasury and Director of the Office of Management and Budget detailing the implementation of the Act after 18 months.