This bill seeks to fundamentally alter the United States' financial system by **abolishing the Board of Governors of the Federal Reserve System and all Federal Reserve banks**. It also mandates the **repeal of the Federal Reserve Act**, which established the central banking system. These significant changes are slated to take effect one year after the bill's enactment. During the one-year transition period, the Chairman of the Board of Governors will manage the dissolution, overseeing employees, assets, and liabilities. The Director of the Office of Management and Budget is tasked with **liquidating all Federal Reserve assets** in an orderly manner to maximize returns to the Treasury. All outstanding liabilities, including employee benefits, will become the responsibility of the **Secretary of the Treasury** and be paid from the General Fund. An 18-month report from the Secretary of the Treasury and OMB Director will detail the implementation process and any unresolved issues.