Federal Reserve Board Abolition Act

This legislative proposal aims to abolish the Board of Governors of the Federal Reserve System and all Federal Reserve banks, concurrently repealing the Federal Reserve Act . These actions would take effect one year after the bill's enactment, fundamentally restructuring the nation's central banking system. During the one-year dissolution period, the Chairman of the Board of Governors would be responsible for managing the winding up of affairs, including employee compensation and benefits, and overseeing assets and liabilities. The Director of the Office of Management and Budget would then liquidate all assets of the Board and Federal Reserve banks in an orderly manner, with the goal of maximizing returns to the Treasury. After satisfying all claims and redeeming stock, the net proceeds from this liquidation would be transferred to the General Fund of the Treasury. Furthermore, all outstanding liabilities of the abolished entities, including retirement and employee benefits, would become the responsibility of the Secretary of the Treasury. These liabilities would be paid from the amounts deposited into the General Fund. An 18-month report from the Secretary of the Treasury and the Director of the Office of Management and Budget would detail the implementation of these provisions.