Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill abolishes the Board of Governors of the Federal Reserve System and all Federal Reserve banks, and repeals the Federal Reserve Act, effective one year after enactment. During the one-year wind-down the Fed Chairman manages employees and assets; the OMB must liquidate Fed assets and transfer net proceeds to the Treasury.
Progressives emphasize financial stability risks; conservatives emphasize democratic accountability.
Fundamental institutional dismantling with large economic risk and limited compromise features makes floor passage unlikely.
This bill abolishes the Board of Governors of the Federal Reserve System and all Federal Reserve banks, and repeals the Federal Reserve Act, effective one year after enactment.
During the one-year wind-down the Fed Chairman manages employees and assets; the OMB must liquidate Fed assets and transfer net proceeds to the Treasury.
The Secretary of the Treasury assumes outstanding Fed liabilities and retirement obligations; a joint Treasury-OMB report to Congress is required at 18 months about implementation actions and unresolved issues.
Abolishing the central bank is a radical, high-risk structural change with broad economic implications and minimal implementation detail, so passage is extremely unlikely under normal legislative dynamics.
How solid the drafting looks.
Progressives emphasize financial stability risks; conservatives emphasize democratic accountability.
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize financial stability risks; conservatives emphasize democratic accountability.
Likely strongly opposed.
Abolishing the Fed removes the nation’s independent central bank without specifying a replacement, risking financial stability and protections for workers and retirees.
Cautious and likely opposed.
The one-year abolition timetable lacks detail on who sets monetary policy afterward, raising fiscal and market-stability concerns.
Generally favorable.
Many conservatives view abolition as reducing an unelected institution’s power and returning fiscal control to elected officials, though concerns about transition costs may remain.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Abolishing the central bank is a radical, high-risk structural change with broad economic implications and minimal implementation detail, so passage is extremely unlikely under normal legislative dynamics.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize financial stability risks; conservatives emphasize democratic accountability.
Abolishing the central bank is a radical, high-risk structural change with broad economic implications and minimal implementation detail, s…
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