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Ends the Federal Reserve System. It eliminates the Board of Governors and every Federal Reserve Bank one year after enactment, orders a wind‑down and liquidation of their affairs, and sends any net proceeds to the U.S. Treasury. The Treasury becomes responsible for all outstanding liabilities. Within 18 months, the dissolved entities must submit a joint report to Congress explaining how the shutdown was carried out and any unresolved legal, financial, or operational issues. The bill does not specify what replaces the Fed’s roles in monetary policy, payment systems, or bank supervision.
Referred to the House Committee on Financial Services.
Introduced March 5, 2025 by Thomas Massie · Last progress 1 year ago