PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
No official summary is available in the imported record yet.
People & committees
Rep. Massie, Thomas [R-KY-4] · R–KY
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We also preserved the text version used in the PlainBill explanation below.
Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
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PlainBill explanation
Based on the full Introduced in House · 2025-03-05 text. This explanation has not received human editorial review. This overview describes the proposal’s major provisions; it does not establish what its real-world effects would be.
This bill would abolish the Federal Reserve’s governing board and every Federal Reserve bank, and repeal the Federal Reserve Act, one year after enactment. It would require selling their assets and make Treasury responsible for their remaining financial obligations, including retirement and other employee benefits. The proposal would directly affect these institutions, their employees, and those owed money by them.
Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.
Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.
The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks
All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury
The proposed abolition of the Board and all Federal Reserve banks, and repeal of the Federal Reserve Act, would take effect one year after enactment. The bill specifies a deadline relative to enactment, rather than a fixed calendar date.
(a) In General Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished. (b) Repeal of Federal Reserve Act Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.
During the one-year shutdown period, the Board’s Chair would have to manage employees solely to wind up the institutions and arrange payment of compensation and benefits earned before each employee’s position is abolished.
During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System— (A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks— (i) manage the employees of the Board and each such bank and provide for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished;
The Chair would also have to manage the institutions’ assets and financial obligations during the shutdown until they are liquidated or assumed by Treasury under the bill. Other actions necessary to close the institutions would be permitted with the Treasury Secretary’s approval.
(ii) manage the assets and liabilities of the Board and each such bank until such assets and liabilities are liquidated or assumed by the Secretary of the Treasury in accordance with this subsection; and (B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.
The Director of the Office of Management and Budget would have to liquidate all the institutions’ assets—sell or otherwise convert them into money—in an orderly manner, as quickly as practical while maximizing the return to Treasury.
The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.
Before transferring the remaining liquidation proceeds to Treasury’s General Fund, the bill would require payment of claims accepted by the Office of Management and Budget Director and redemption of the banks’ stock, meaning payment to retire those shares.
After satisfying all claims against the Board and any Federal reserve bank which are accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.
Treasury would assume all financial obligations still outstanding when the institutions are abolished, including retirement and other benefits owed under their employee benefit programs. The bill would appropriate the liquidation proceeds deposited in the General Fund—make those funds legally available for payment—until all those obligations are satisfied.
All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.
Eighteen months after enactment, the Treasury Secretary and the Office of Management and Budget Director would have to jointly report to Congress on implementation, including unfinished actions and unresolved issues.
At the end of the 18-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Office of Management and Budget shall submit a joint report to the Congress containing a detailed description of the actions taken to implement this Act and any actions or issues relating to such implementation that remain uncompleted or unresolved as of the date of the report.
The supplied action snapshot, updated December 5, 2025, records introduction in the House and referral to the House Committee on Financial Services on March 5, 2025.
Source snapshot updated 2025-12-05T21:51:06Z. 2025-03-05: Referred to the House Committee on Financial Services. 2025-03-05: Introduced in House
A closer look
Reviewed version: Introduced in House · 2025-03-05. These findings describe provisions and who may benefit; they are not judgments of waste, corruption, or motive.
This review covers the supplied bill text. “None identified” does not rule out provisions in later versions or accompanying reports and disclosures.
Provisions outside the bill’s main subject, or policy changes attached to appropriations.
None identified in the reviewed text
No unrelated provision or separate policy rider was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Spending directed to particular recipients or places outside ordinary competitive or formula-based allocation.
None identified in the reviewed text
No congressionally directed spending for particular recipients or places meeting the earmark definition was identified in the complete supplied introduced text. This conclusion is limited to that version; member disclosures, committee reports, and other materials that could clarify formal earmark status are not supplied.
Narrow exceptions, exemptions, or preferential treatment that warrant a closer look.
None identified in the reviewed text
No materially narrow carve-out, special exemption, or preferential treatment was identified in the complete supplied introduced text. This conclusion is limited to that version and does not establish absence in other versions or accompanying materials.
Full text preserved for this analysis. Legislative record snapshot: Dec 5, 2025. How PlainBill uses AI