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US HB1846

Bill

Official Source

Status

Introduced

3/5/2025

Primary Sponsor

Thomas Massie

Click for details

Origin

House of Representatives

119th Congress

AI Summary

  • Abolishes the Board of Governors of the Federal Reserve System and all Federal reserve banks effective 1 year after enactment
  • Repeals the Federal Reserve Act in its entirety after the 1-year transition period
  • Requires the Federal Reserve Chairman to manage the wind-down of operations during the dissolution period, including employee compensation and asset/liability management
  • Directs the Office of Management and Budget to liquidate all Federal Reserve assets and transfer net proceeds to the Treasury's General Fund after satisfying claims and redeeming bank stock
  • Mandates a joint report from the Secretary of the Treasury and OMB Director to Congress at 18 months post-enactment detailing implementation actions and unresolved issues

Legislative Description

Federal Reserve Board Abolition Act

Finance and financial sector

Last Action

Referred to the House Committee on Financial Services.

3/5/2025

Committee Referrals

Financial Services3/5/2025

Full Bill Text

No bill text available