Federal Reserve Board Abolition Act

S 4463, the Federal Reserve Board Abolition Act, would permanently eliminate the Federal Reserve System by abolishing the Board of Governors and all Federal Reserve Banks one year after the bill becomes law. It repeals the Federal Reserve Act and requires a one-year wind-down period during which the Fed Chairman manages employee compensation, assets, and liabilities under Treasury approval. The Office of Management and Budget must orderly sell all Fed assets, transfer net proceeds to the Treasury, and transfer all Fed liabilities (including employee benefits) to the Treasury for payment from those funds. The Treasury and OMB must also submit a report to Congress 18 months after enactment detailing the implementation process.