Federal Reserve Board Abolition Act

This bill, S 869 (Federal Reserve Board Abolition Act), would abolish the Federal Reserve Board and all Federal Reserve banks one year after enactment, repealing the Federal Reserve Act. It directs the Federal Reserve Chairman to manage employee payments and assets during a one-year winding-down period, after which the Office of Management and Budget would sell off assets and transfer net proceeds to the Treasury. The Secretary of the Treasury would assume all remaining Federal Reserve liabilities, including employee benefits, using funds from the asset sales. The bill directly affects the Federal Reserve System, its employees, and the Treasury Department, with no new policy mechanisms beyond the transition process.