Bill > S869

This bill proposes to completely abolish the Federal Reserve Board and Federal Reserve banks, effectively dismantling the entire Federal Reserve System, which currently serves as the central banking system of the United States. Specifically, the bill would eliminate the Board of Governors and all Federal Reserve banks one year after the Act's enactment, and simultaneously repeal the Federal Reserve Act that originally established the system. During this one-year transition period, the current Federal Reserve Chairman would be responsible for managing the wind-down process, including handling employee compensation, managing assets and liabilities, and preparing for liquidation. The Director of the Office of Management and Budget (OMB) would oversee the orderly liquidation of all Federal Reserve assets, with the goal of maximizing returns to the U.S. Treasury. After satisfying all existing claims and redeeming bank stock, the net proceeds would be transferred to the Treasury's General Fund. Additionally, all outstanding liabilities of the Federal Reserve, including retirement and employee benefits, would become the responsibility of the Secretary of the Treasury. The bill requires the Secretary of the Treasury and OMB Director to submit a joint report to Congress after 18 months detailing the implementation process and any remaining unresolved issues.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/869/all-info