Federal Reserve Board Abolition Act

• Federal Reserve employees: Employees would be managed by the Chairman during the one-year dissolution and would receive compensation and benefits that accrued before their positions are abolished.
• Treasury and taxpayers: All outstanding liabilities of the Board and Federal Reserve banks would become the liability of the Secretary of the Treasury and would be paid from liquidation proceeds deposited in the General Fund.
• Federal Reserve banks and stockholders: The Director of the Office of Management and Budget would liquidate all assets, redeem Federal Reserve bank stock, and transfer net proceeds to the Treasury.

*Would shift the Federal Reserve's assets and obligations onto the federal balance sheet, using liquidation proceeds to pay accepted claims and making the Treasury legally responsible for remaining liabilities.*