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.govRelated Bills
HR425 — Repealing Big Brother Overreach Act
Ends the Corporate Transparency Act and removes its amendments from federal law. It also adjusts related U.S. Code citations and parts of the Anti-Money Laundering Act of 2020 to reflect that repeal. - Repeals the Corporate Transparency Act as title LXIV of division F of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (Public Law 116-283) and removes all amendments made by that Act. - Edits Title 31, United States Code by removing or changing cross-references that mentioned section 5336 and updating references in sections 5321 and 5322. - Alters the Anti-Money Laundering Act of 2020 by repealing section 6502 and striking or modifying portions of section 6509 as described in the bill.
HR24 — Federal Reserve Transparency Act of 2025
Comprehensive audit of the Federal Reserve. This bill would require the Comptroller General to complete a detailed audit of the Board of Governors and every Federal Reserve Bank within 12 months of enactment. It would also repeal a statutory limitation in 31 U.S.C. 714 and amend Federal Reserve Act section 11(s) to change how programs or facilities under section 13(3) are defined and handled for information release.
HR645 — National Constitutional Carry Act
This bill would create a national right to carry firearms in public for U.S. citizens who are otherwise eligible to possess firearms. It would stop states and localities from imposing criminal or civil penalties that block those citizens from carrying in public and sets clear definitions for "State" and "public." - Lawfully eligible U.S. citizens, including residents and nonresidents, would be protected from state or local criminal or civil penalties for carrying firearms in public. - States, the District of Columbia, Puerto Rico, and U.S. possessions (except the Canal Zone) could not enforce laws or practices that criminalize or indirectly dissuade public carry. - Private owners could still ban firearms on their premises if they give a clear, conspicuous prohibition, and locations that conduct weapons screening under state law are not covered by the new right. - The bill would also relabel the federal statute to call 18 U.S.C. § 927 "The right to keep and bear arms."
HR1301 — Death Tax Repeal Act
This bill would repeal the federal estate tax and the generation‑skipping transfer tax. It would also reshape gift tax rules by keeping tiered rates but creating a $10 million lifetime exemption indexed for inflation. - Heirs of people who die on or after enactment would not owe the federal estate tax. This removes that tax from those estates. - Donors and high‑net‑worth individuals would still face a gift tax, but under a tiered schedule from 18% to 35% and a $10 million lifetime exemption that is indexed for inflation after 2011. - Generation‑skipping transfers made on or after enactment would not be subject to the GST tax. Qualified domestic trusts for surviving spouses of decedents who died before enactment would follow transitional rules, including changed treatment of distributions after a 10‑year period beginning on the enactment date.
HR899 — To terminate the Department of Education.
Terminates the Department of Education. The bill would require the Department to end on December 31, 2026 and it includes no provisions for transition, no instructions to transfer functions, and no funding to wind down operations.
HR4700 — PRIME Act
Creates an in-state exemption from federal meat inspection for custom slaughter facilities. The bill would let those facilities slaughter and prepare meat under state law and sell products only within the same State to households and specified in‑State businesses.
Take It Personal
Get Your Personalized Policy View
Create a free account to save research, track policy impacts, and unlock your personalized versions of these pages.
Already have an account? Sign in