I 

118TH CONGRESS 

2D SESSION H. R. 8421 

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 

MAY 16, 2024 

Mr. MASSIE (for himself, Mr. BIGGS, Ms. BOEBERT, Mr. BRECHEEN, Mr. 

BURCHETT, Mr. BURLISON, Mrs. CAMMACK, Mr. CLOUD, Mr. CRANE, 

Mr. DUNCAN, Mr. GAETZ, Mr. GOOD of Virginia, Mr. GOSAR, Ms. 

GREENE of Georgia, Ms. HAGEMAN, Mr. NORMAN, Mr. PERRY, Mr. ROY, 

Mr. SELF, Mrs. SPARTZ, and Mr. TIFFANY) 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Federal Reserve Board 

5 Abolition Act’’. 


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1 SEC. 2. FEDERAL RESERVE BOARD ABOLISHED. 

2 (a) IN GENERAL.—Effective at the end of the 1-year 

3 period beginning on the date of the enactment of this Act, 

4 the Board of Governors of the Federal Reserve System 

5 and each Federal reserve bank are hereby abolished. 

6 (b) REPEAL OF FEDERAL RESERVE ACT.—Effective 

7 at the end of the 1-year period beginning on the date of 

8 the enactment of this Act, the Federal Reserve Act is here9 by repealed. 

10 (c) DISPOSITION OF AFFAIRS.— 

11 (1) MANAGEMENT DURING DISSOLUTION PE12 RIOD.—During the 1-year period referred to in sub13 section (a), the Chairman of the Board of Governors 

14 of the Federal Reserve System— 

15 (A) shall, for the sole purpose of winding 

16 up the affairs of the Board of Governors of the 

17 Federal Reserve System and the Federal re18 serve banks— 

19 (i) manage the employees of the 

20 Board and each such bank and provide for 

21 the payment of compensation and benefits 

22 of any such employee which accrue before 

23 the position of such employee is abolished; 

24 and 

25 (ii) manage the assets and liabilities 

26 of the Board and each such bank until 


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1 such assets and liabilities are liquidated or 

2 assumed by the Secretary of the Treasury 

3 in accordance with this subsection; and 

4 (B) may take such other action as may be 

5 necessary, subject to the approval of the Sec6 retary of the Treasury, to wind up the affairs 

7 of the Board and the Federal reserve banks. 

8 (2) LIQUIDATION OF ASSETS.— 

9 (A) IN GENERAL.—The Director of the Of10 fice of Management and Budget shall liquidate 

11 all assets of the Board and the Federal reserve 

12 banks in an orderly manner so as to achieve as 

13 expeditious a liquidation as may be practical 

14 while maximizing the return to the Treasury. 

15 (B) TRANSFER TO TREASURY.—After sat16 isfying all claims against the Board and any 

17 Federal reserve bank which are accepted by the 

18 Director of the Office of Management and 

19 Budget and redeeming the stock of such banks, 

20 the net proceeds of the liquidation under sub21 paragraph (A) shall be transferred to the Sec22 retary of the Treasury and deposited in the 

23 General Fund of the Treasury. 

24 (3) ASSUMPTION OF LIABILITIES.—All out25 standing liabilities of the Board of Governors of the 


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1 Federal Reserve System and the Federal reserve 

2 banks at the time such entities are abolished, includ3 ing any liability for retirement and other benefits for 

4 former officers and employees of the Board or any 

5 such bank in accordance with employee retirement 

6 and benefit programs of the Board and any such 

7 bank, shall become the liability of the Secretary of 

8 the Treasury and shall be paid from amounts depos9 ited in the general fund pursuant to paragraph (2) 

10 which are hereby appropriated for such purpose 

11 until all such liabilities are satisfied. 

12 (d) REPORT.—At the end of the 18-month period be13 ginning on the date of the enactment of this Act, the Sec14 retary of the Treasury and the Director of the Office of 

15 Management and Budget shall submit a joint report to 

16 the Congress containing a detailed description of the ac17 tions taken to implement this Act and any actions or 

18 issues relating to such implementation that remain 

19 uncompleted or unresolved as of the date of the report. 

Æ 


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