119-s869

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 869 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 869

To abolish the Board of Governors of the Federal Reserve System and the 
Federal reserve banks, to repeal the Federal Reserve Act, and for other 
 purposes.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 March 5, 2025

 Mr. Lee introduced the following bill; which was read twice and 
 referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

 A BILL

To abolish the Board of Governors of the Federal Reserve System and the 
Federal reserve banks, to repeal the Federal Reserve Act, and for other 
 purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Federal Reserve Board Abolition 
Act''.

SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.

    (a) In General.--Effective at the end of the 1-year period 
beginning on the date of the enactment of this Act, the Board of 
Governors of the Federal Reserve System and each Federal reserve bank 
are hereby abolished.

    (b) Repeal of Federal Reserve Act.--Effective at the end of the 1-
year period beginning on the date of the enactment of this Act, the 
Federal Reserve Act is hereby repealed.
            (c) Disposition of Affairs.--

    (1) Management during dissolution period.--During the 1-
 year period referred to in subsection

    (a) , the Chairman of the 
 Board of Governors of the Federal Reserve System--
        (A) shall, for the sole purpose of winding up the 
 affairs of the Board of Governors of the Federal 
 Reserve System and the Federal reserve banks--
            (i) manage the employees of the Board and 
 each such bank and provide for the payment of 
 compensation and benefits of any such employee 
 which accrue before the position of such 
 employee is abolished; and
            (ii) manage the assets and liabilities of 
 the Board and each such bank until such assets 
 and liabilities are liquidated or assumed by 
 the Secretary of the Treasury in accordance 
 with this subsection; and
        (B) may take such other action as may be necessary, 
 subject to the approval of the Secretary of the 
 Treasury, to wind up the affairs of the Board and the 
 Federal reserve banks.

    (2) Liquidation of assets.--
        (A) In general.--The Director of the Office of 
 Management and Budget shall liquidate all assets of the 
 Board and the Federal reserve banks in an orderly 
 manner so as to achieve as expeditious a liquidation as 
 may be practical while maximizing the return to the 
 Treasury.
        (B) Transfer to treasury.--After satisfying all 
 claims against the Board and any Federal reserve bank 
 which are accepted by the Director of the Office of 
 Management and Budget and redeeming the stock of such 
 banks, the net proceeds of the liquidation under 
 subparagraph
        (A) shall be transferred to the Secretary 
 of the Treasury and deposited in the General Fund of 
 the Treasury.

    (3) Assumption of liabilities.--All outstanding liabilities 
 of the Board of Governors of the Federal Reserve System and the 
 Federal reserve banks at the time such entities are abolished, 
 including any liability for retirement and other benefits for 
 former officers and employees of the Board or any such bank in 
 accordance with employee retirement and benefit programs of the 
 Board and any such bank, shall become the liability of the 
 Secretary of the Treasury and shall be paid from amounts 
 deposited in the general fund pursuant to paragraph

    (2) which 
 are hereby appropriated for such purpose until all such 
 liabilities are satisfied.
            (d) Report.--At the end of the 18-month period beginning on the 
date of the enactment of this Act, the Secretary of the Treasury and 
the Director of the Office of Management and Budget shall submit a 
joint report to the Congress containing a detailed description of the 
actions taken to implement this Act and any actions or issues relating 
to such implementation that remain uncompleted or unresolved as of the 
date of the report.
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