Federal Reserve Board Abolition Act

HR 8421 would abolish the Federal Reserve Board of Governors and all Federal Reserve Banks, ending the U.S. central banking system as currently structured. The bill requires a one-year wind-down period during which the Fed Chairman manages employee compensation, asset liquidation, and debt settlement, with all assets transferred to the Treasury and liabilities assumed by the Secretary of the Treasury. It repeals the Federal Reserve Act and mandates a joint Treasury-OMB report to Congress within 18 months detailing implementation progress. This bill directly affects the Federal Reserve System's operations and structure, not the general public or financial markets.