HR1846119th CongressWALLET

Federal Reserve Board Abolition Act

Sponsored By: Representative Massie

Introduced

Summary

Would abolish the Board of Governors of the Federal Reserve System and each Federal Reserve Bank and repeal the Federal Reserve Act after a one-year wind-down. During that year the Chairman would manage employees and winding up operations, and the Director of the Office of Management and Budget would liquidate assets to maximize returns while outstanding liabilities become the responsibility of the Secretary of the Treasury.

Show full summary
  • 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.*

Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 2 costs, 0 mixed.

End the Federal Reserve in one year

This bill would abolish the Federal Reserve Board and all regional Reserve Banks one year after enactment. It would also repeal the Federal Reserve Act at that time. The bill does not name a replacement for core central bank roles. If passed, interest rates, banking rules, and the money supply could face major disruption for households and businesses.

Sell Federal Reserve assets, Treasury takes debts

During the one-year wind-down, the budget office would sell Federal Reserve assets as quickly as practical while seeking the best return. After paying accepted claims and redeeming Reserve Bank stock, leftover money would go to the Treasury’s General Fund. The Treasury would take on all remaining Fed debts, including retiree and other employee benefits, and would pay them from the deposited proceeds until satisfied. The Fed Chair would manage staff pay and benefits earned before jobs end and oversee assets until they are sold or moved to Treasury, with Treasury’s approval. OMB and Treasury would report to Congress 18 months after enactment on what was done and what remains.

Sponsors & CoSponsors

Sponsor

Massie

KY • R

Cosponsors

  • Biggs (AZ)

    AZ • R

    Sponsored 3/5/2025

  • Boebert

    CO • R

    Sponsored 3/5/2025

  • Burlison

    MO • R

    Sponsored 3/5/2025

  • Cammack

    FL • R

    Sponsored 3/5/2025

  • Cloud

    TX • R

    Sponsored 3/5/2025

  • Crane

    AZ • R

    Sponsored 3/5/2025

  • Greene (GA)

    GA • R

    Sponsored 3/5/2025

  • Hageman

    WY • R

    Sponsored 3/5/2025

  • Perry

    PA • R

    Sponsored 3/5/2025

  • Roy

    TX • R

    Sponsored 3/5/2025

  • Brecheen

    OK • R

    Sponsored 10/17/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov

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