Bill > S4463

This bill 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 where the Chairman of the Federal Reserve Board will wind up the affairs of the Board and the Federal reserve banks, including managing employees, assets, and liabilities. The Director of the Office of Management and Budget will then liquidate all assets of the Board and the Federal reserve banks, with the net proceeds being transferred to the Treasury. All outstanding liabilities of the Board and the Federal reserve banks will become the responsibility of the Treasury Secretary. At the end of an 18-month period, the Treasury Secretary and the Director of the Office of Management and Budget will submit a report to Congress on the implementation of the Act.