II
119THCONGRESS
1
STSESSION 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
MARCH5, 2025
Mr. L
EEintroduced 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 Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Federal Reserve Board 4
Abolition Act’’. 5
SEC. 2. FEDERAL RESERVE BOARD ABOLISHED. 6
(a) I
NGENERAL.—Effective at the end of the 1-year 7
period beginning on the date of the enactment of this Act, 8
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the Board of Governors of the Federal Reserve System 1
and each Federal reserve bank are hereby abolished. 2
(b) R
EPEAL OFFEDERALRESERVEACT.—Effective 3
at the end of the 1-year period beginning on the date of 4
the enactment of this Act, the Federal Reserve Act is here-5
by repealed. 6
(c) D
ISPOSITION OFAFFAIRS.— 7
(1) M
ANAGEMENT DURING DISSOLUTION PE -8
RIOD.—During the 1-year period referred to in sub-9
section (a), the Chairman of the Board of Governors 10
of the Federal Reserve System— 11
(A) shall, for the sole purpose of winding 12
up the affairs of the Board of Governors of the 13
Federal Reserve System and the Federal re-14
serve banks— 15
(i) manage the employees of the 16
Board and each such bank and provide for 17
the payment of compensation and benefits 18
of any such employee which accrue before 19
the position of such employee is abolished; 20
and 21
(ii) manage the assets and liabilities 22
of the Board and each such bank until 23
such assets and liabilities are liquidated or 24
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assumed by the Secretary of the Treasury 1
in accordance with this subsection; and 2
(B) may take such other action as may be 3
necessary, subject to the approval of the Sec-4
retary of the Treasury, to wind up the affairs 5
of the Board and the Federal reserve banks. 6
(2) L
IQUIDATION OF ASSETS.— 7
(A) I
N GENERAL.—The Director of the Of-8
fice of Management and Budget shall liquidate 9
all assets of the Board and the Federal reserve 10
banks in an orderly manner so as to achieve as 11
expeditious a liquidation as may be practical 12
while maximizing the return to the Treasury. 13
(B) T
RANSFER TO TREASURY .—After sat-14
isfying all claims against the Board and any 15
Federal reserve bank which are accepted by the 16
Director of the Office of Management and 17
Budget and redeeming the stock of such banks, 18
the net proceeds of the liquidation under sub-19
paragraph (A) shall be transferred to the Sec-20
retary of the Treasury and deposited in the 21
General Fund of the Treasury. 22
(3) A
SSUMPTION OF LIABILITIES .—All out-23
standing liabilities of the Board of Governors of the 24
Federal Reserve System and the Federal reserve 25
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banks at the time such entities are abolished, includ-1
ing any liability for retirement and other benefits for 2
former officers and employees of the Board or any 3
such bank in accordance with employee retirement 4
and benefit programs of the Board and any such 5
bank, shall become the liability of the Secretary of 6
the Treasury and shall be paid from amounts depos-7
ited in the general fund pursuant to paragraph (2) 8
which are hereby appropriated for such purpose 9
until all such liabilities are satisfied. 10
(d) R
EPORT.—At the end of the 18-month period be-11
ginning on the date of the enactment of this Act, the Sec-12
retary of the Treasury and the Director of the Office of 13
Management and Budget shall submit a joint report to 14
the Congress containing a detailed description of the ac-15
tions taken to implement this Act and any actions or 16
issues relating to such implementation that remain 17
uncompleted or unresolved as of the date of the report. 18
Æ
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