I 
110TH CONGRESS 
1ST SESSION H. R. 2755 
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 
JUNE 15, 2007 
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 Representa-
tives 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, 
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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 here-
by repealed. 
(c) DISPOSITION OF AFFAIRS.— 
(1) MANAGEMENT
DURING
DISSOLUTION
PE-
RIOD.—During the 1-year period referred to in sub-
section (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 re-
serve 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 
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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 Sec-
retary 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 Of-
fice 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 sat-
isfying 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 sub-
paragraph (A) shall be transferred to the Sec-
retary of the Treasury and deposited in the 
General Fund of the Treasury. 
(3) ASSUMPTION
OF
LIABILITIES.—All out-
standing liabilities of the Board of Governors of the 
Federal Reserve System and the Federal reserve 
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banks at the time such entities are abolished, includ-
ing 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 depos-
ited 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 be-
ginning on the date of the enactment of this Act, the Sec-
retary 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 ac-
tions 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. 
Æ 
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