Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB869 Compare Versions

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

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 869
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 SENATE OF THE UNITED STATES
9	9	MARCH5, 2025
10	10	Mr. L
11	11	EEintroduced the following bill; which was read twice and referred to
12	12	the Committee on Banking, Housing, and Urban Affairs
13	13	A BILL
14	14	To abolish the Board of Governors of the Federal Reserve
15	15	System and the Federal reserve banks, to repeal the
16	16	Federal Reserve Act, and for other purposes.
17	17	Be it enacted by the Senate and House of Representa-1
18	18	tives of the United States of America in Congress assembled, 2
19	19	SECTION 1. SHORT TITLE. 3
20	20	This Act may be cited as the ‘‘Federal Reserve Board 4
21	21	Abolition Act’’. 5
22	22	SEC. 2. FEDERAL RESERVE BOARD ABOLISHED. 6
23	23	(a) I
24	24	NGENERAL.—Effective at the end of the 1-year 7
25	25	period beginning on the date of the enactment of this Act, 8
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28	28	•S 869 IS
29	29	the Board of Governors of the Federal Reserve System 1
30	30	and each Federal reserve bank are hereby abolished. 2
31	31	(b) R
32	32	EPEAL OFFEDERALRESERVEACT.—Effective 3
33	33	at the end of the 1-year period beginning on the date of 4
34	34	the enactment of this Act, the Federal Reserve Act is here-5
35	35	by repealed. 6
36	36	(c) D
37	37	ISPOSITION OFAFFAIRS.— 7
38	38	(1) M
39	39	ANAGEMENT DURING DISSOLUTION PE -8
40	40	RIOD.—During the 1-year period referred to in sub-9
41	41	section (a), the Chairman of the Board of Governors 10
42	42	of the Federal Reserve System— 11
43	43	(A) shall, for the sole purpose of winding 12
44	44	up the affairs of the Board of Governors of the 13
45	45	Federal Reserve System and the Federal re-14
46	46	serve banks— 15
47	47	(i) manage the employees of the 16
48	48	Board and each such bank and provide for 17
49	49	the payment of compensation and benefits 18
50	50	of any such employee which accrue before 19
51	51	the position of such employee is abolished; 20
52	52	and 21
53	53	(ii) manage the assets and liabilities 22
54	54	of the Board and each such bank until 23
55	55	such assets and liabilities are liquidated or 24
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58	58	•S 869 IS
59	59	assumed by the Secretary of the Treasury 1
60	60	in accordance with this subsection; and 2
61	61	(B) may take such other action as may be 3
62	62	necessary, subject to the approval of the Sec-4
63	63	retary of the Treasury, to wind up the affairs 5
64	64	of the Board and the Federal reserve banks. 6
65	65	(2) L
66	66	IQUIDATION OF ASSETS.— 7
67	67	(A) I
68	68	N GENERAL.—The Director of the Of-8
69	69	fice of Management and Budget shall liquidate 9
70	70	all assets of the Board and the Federal reserve 10
71	71	banks in an orderly manner so as to achieve as 11
72	72	expeditious a liquidation as may be practical 12
73	73	while maximizing the return to the Treasury. 13
74	74	(B) T
75	75	RANSFER TO TREASURY .—After sat-14
76	76	isfying all claims against the Board and any 15
77	77	Federal reserve bank which are accepted by the 16
78	78	Director of the Office of Management and 17
79	79	Budget and redeeming the stock of such banks, 18
80	80	the net proceeds of the liquidation under sub-19
81	81	paragraph (A) shall be transferred to the Sec-20
82	82	retary of the Treasury and deposited in the 21
83	83	General Fund of the Treasury. 22
84	84	(3) A
85	85	SSUMPTION OF LIABILITIES .—All out-23
86	86	standing liabilities of the Board of Governors of the 24
87	87	Federal Reserve System and the Federal reserve 25
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90	90	•S 869 IS
91	91	banks at the time such entities are abolished, includ-1
92	92	ing any liability for retirement and other benefits for 2
93	93	former officers and employees of the Board or any 3
94	94	such bank in accordance with employee retirement 4
95	95	and benefit programs of the Board and any such 5
96	96	bank, shall become the liability of the Secretary of 6
97	97	the Treasury and shall be paid from amounts depos-7
98	98	ited in the general fund pursuant to paragraph (2) 8
99	99	which are hereby appropriated for such purpose 9
100	100	until all such liabilities are satisfied. 10
101	101	(d) R
102	102	EPORT.—At the end of the 18-month period be-11
103	103	ginning on the date of the enactment of this Act, the Sec-12
104	104	retary of the Treasury and the Director of the Office of 13
105	105	Management and Budget shall submit a joint report to 14
106	106	the Congress containing a detailed description of the ac-15
107	107	tions taken to implement this Act and any actions or 16
108	108	issues relating to such implementation that remain 17
109	109	uncompleted or unresolved as of the date of the report. 18
110	110	Æ
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