Abolishing the Federal Reserve: Transferring Monetary Power to the Treasury.
This bill mandates the complete abolition of the Board of Governors of the Federal Reserve System and all Federal Reserve banks one year after enactment. This action fundamentally alters the structure of U.S. monetary policy and banking oversight. All assets will be liquidated and transferred to the Treasury, while all liabilities, including employee benefits, will be assumed by the Secretary of the Treasury.
Key points
The Federal Reserve System (Fed) and the Federal Reserve Act are completely abolished and repealed one year after the law takes effect.
The management and liquidation of all Fed assets and liabilities are transferred to the Treasury Department and the Office of Management and Budget.
The Secretary of the Treasury assumes responsibility for all outstanding Fed liabilities, including retirement and employee benefits.
Status:
Expired
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