PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Congressional Research Service
Version 00 · Introduced in House · Mar 17, 1999
Federal Reserve Board Abolition Act - Abolishes the Board of Governors of the Federal Reserve System and each Federal reserve bank.Repeals the Federal Reserve Act.Sets forth administrative provisions regarding the winding up of affairs of the Board and banks.Requires the Director of the Office of Management and Budget (OMB) to liquidate all Board and bank assets so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.Transfers the net proceeds of liquidation to the Treasury after satisfying all claims against the Board and banks accepted by the OMB Director and redeeming bank stock.Abolishes all outstanding liabilities of the Board and banks at the time such entities are abolished, including any liability for retirement and other benefits for former Board and bank officers and employees, and makes such liabilities payable from amounts deposited in the Treasury general fund.
People & committees
Rep. Paul, Ron [R-TX-14] · R–TX
Legislative record
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Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the Subcommittee on Domestic and International Monetary Policy.
Referred to the House Committee on Banking and Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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