HR 1094
112th CONGRESS
1st Session
H. R. 1094
To abolish the Board of Governors of the Federal Reserve System and
the Federal reserve banks, to repeal the Federal Reserve Act, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
March 15, 2011
Mr. PAUL introduced the following bill; which was referred to the Committee
on Financial Services
A BILL
To abolish the Board of Governors of the Federal Reserve System and
the Federal reserve banks, to repeal the Federal Reserve Act, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Federal Reserve Board Abolition Act'.
SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.
(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is hereby repealed.
(c) Disposition of Affairs-
(1) MANAGEMENT DURING DISSOLUTION PERIOD- 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; and
(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.
(2) LIQUIDATION OF ASSETS-
(A) IN GENERAL- 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.
(B) TRANSFER TO TREASURY- 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.
(3) ASSUMPTION OF LIABILITIES- 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.
(d) Report- 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.
END
