Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1846 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	119THCONGRESS
3	3	1
4	4	STSESSION H. R. 1846
5	5	To abolish the Board of Governors of the Federal Reserve System and
6	6	the Federal reserve banks, to repeal the Federal Reserve Act, and for
7	7	other purposes.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	MARCH5, 2025
10	10	Mr. M
11	11	ASSIE(for himself, Mr. BIGGSof Arizona, Ms. BOEBERT, Mr.
12	12	B
13	13	URLISON, Mrs. CAMMACK, Mr. CLOUD, Mr. CRANE, Ms. GREENEof
14	14	Georgia, Ms. H
15	15	AGEMAN, Mr. PERRY, and Mr. ROY) introduced the fol-
16	16	lowing bill; which was referred to the Committee on Financial Services
17	17	A BILL
18	18	To abolish the Board of Governors of the Federal Reserve
19	19	System and the Federal reserve banks, to repeal the
20	20	Federal Reserve Act, and for other purposes.
21	21	Be it enacted by the Senate and House of Representa-1
22	22	tives of the United States of America in Congress assembled, 2
23	23	SECTION 1. SHORT TITLE. 3
24	24	This Act may be cited as the ‘‘Federal Reserve Board 4
25	25	Abolition Act’’. 5
26	26	SEC. 2. FEDERAL RESERVE BOARD ABOLISHED. 6
27	27	(a) I
28	28	NGENERAL.—Effective at the end of the 1-year 7
29	29	period beginning on the date of the enactment of this Act, 8
30	30	VerDate Sep 11 2014 22:59 Mar 18, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1846.IH H1846
31	31	kjohnson on DSK7ZCZBW3PROD with $$_JOB 2
32	32	•HR 1846 IH
33	33	the Board of Governors of the Federal Reserve System 1
34	34	and each Federal reserve bank are hereby abolished. 2
35	35	(b) R
36	36	EPEAL OFFEDERALRESERVEACT.—Effective 3
37	37	at the end of the 1-year period beginning on the date of 4
38	38	the enactment of this Act, the Federal Reserve Act is here-5
39	39	by repealed. 6
40	40	(c) D
41	41	ISPOSITION OFAFFAIRS.— 7
42	42	(1) M
43	43	ANAGEMENT DURING DISSOLUTION PE -8
44	44	RIOD.—During the 1-year period referred to in sub-9
45	45	section (a), the Chairman of the Board of Governors 10
46	46	of the Federal Reserve System— 11
47	47	(A) shall, for the sole purpose of winding 12
48	48	up the affairs of the Board of Governors of the 13
49	49	Federal Reserve System and the Federal re-14
50	50	serve banks— 15
51	51	(i) manage the employees of the 16
52	52	Board and each such bank and provide for 17
53	53	the payment of compensation and benefits 18
54	54	of any such employee which accrue before 19
55	55	the position of such employee is abolished; 20
56	56	and 21
57	57	(ii) manage the assets and liabilities 22
58	58	of the Board and each such bank until 23
59	59	such assets and liabilities are liquidated or 24
60	60	VerDate Sep 11 2014 22:59 Mar 18, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1846.IH H1846
61	61	kjohnson on DSK7ZCZBW3PROD with $$_JOB 3
62	62	•HR 1846 IH
63	63	assumed by the Secretary of the Treasury 1
64	64	in accordance with this subsection; and 2
65	65	(B) may take such other action as may be 3
66	66	necessary, subject to the approval of the Sec-4
67	67	retary of the Treasury, to wind up the affairs 5
68	68	of the Board and the Federal reserve banks. 6
69	69	(2) L
70	70	IQUIDATION OF ASSETS.— 7
71	71	(A) I
72	72	N GENERAL.—The Director of the Of-8
73	73	fice of Management and Budget shall liquidate 9
74	74	all assets of the Board and the Federal reserve 10
75	75	banks in an orderly manner so as to achieve as 11
76	76	expeditious a liquidation as may be practical 12
77	77	while maximizing the return to the Treasury. 13
78	78	(B) T
79	79	RANSFER TO TREASURY .—After sat-14
80	80	isfying all claims against the Board and any 15
81	81	Federal reserve bank which are accepted by the 16
82	82	Director of the Office of Management and 17
83	83	Budget and redeeming the stock of such banks, 18
84	84	the net proceeds of the liquidation under sub-19
85	85	paragraph (A) shall be transferred to the Sec-20
86	86	retary of the Treasury and deposited in the 21
87	87	General Fund of the Treasury. 22
88	88	(3) A
89	89	SSUMPTION OF LIABILITIES .—All out-23
90	90	standing liabilities of the Board of Governors of the 24
91	91	Federal Reserve System and the Federal reserve 25
92	92	VerDate Sep 11 2014 22:59 Mar 18, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1846.IH H1846
93	93	kjohnson on DSK7ZCZBW3PROD with $$_JOB 4
94	94	•HR 1846 IH
95	95	banks at the time such entities are abolished, includ-1
96	96	ing any liability for retirement and other benefits for 2
97	97	former officers and employees of the Board or any 3
98	98	such bank in accordance with employee retirement 4
99	99	and benefit programs of the Board and any such 5
100	100	bank, shall become the liability of the Secretary of 6
101	101	the Treasury and shall be paid from amounts depos-7
102	102	ited in the general fund pursuant to paragraph (2) 8
103	103	which are hereby appropriated for such purpose 9
104	104	until all such liabilities are satisfied. 10
105	105	(d) R
106	106	EPORT.—At the end of the 18-month period be-11
107	107	ginning on the date of the enactment of this Act, the Sec-12
108	108	retary of the Treasury and the Director of the Office of 13
109	109	Management and Budget shall submit a joint report to 14
110	110	the Congress containing a detailed description of the ac-15
111	111	tions taken to implement this Act and any actions or 16
112	112	issues relating to such implementation that remain 17
113	113	uncompleted or unresolved as of the date of the report. 18
114	114	Æ
115	115	VerDate Sep 11 2014 22:59 Mar 18, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H1846.IH H1846
116	116	kjohnson on DSK7ZCZBW3PROD with $$_JOB