,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #gc  ,,in ,,the ,,house ,,of    
,,representatives  ,january #c1 #bjac   
,mr4 ,broun of ,georgia introduced the  
following bill2 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 banks1 
to repeal the ,federal ,reserve ,act1   
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,federal ,reserve ,board ,abolition     
,act4  #b4 ,federal ,reserve ,board     
abolished  7a7 ,in ,general ,effective  
at the end of the #a-year period        
beginning on the date of the enactment  
of this ,act1 the ,board of ,governors  
of the ,federal ,reserve ,system and    
each ,federal reserve bank are hereby   
abolished4  7b7 ,repeal of ,federal     
,reserve ,act ,effective at the end of  
the #a-year period beginning on the date
 of the enactment of this ,act1 the     
,federal ,reserve ,act is hereby        

repealed4  7c7 ,disposition of ,affairs 
7#a7 ,management during dissolution     
period ,during the #a-year period       
referred to in subsection 7a71 the      
,chairman of the ,board of ,governors of
 the ,federal ,reserve ,system--  7,a7  
shall1 for the sole purpose of winding  
up the affairs of the ,board of         
,governors of the ,federal ,reserve     
,system and the ,federal reserve banks--
  7i7 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        
abolished2 and  7ii7 manage the assets  
and liabilities of the ,board and each  
such bank until such assets and         
liabilities are liquidated or assumed by
 the ,secretary of the ,treasury in     
accordance with this subsection2 and    
7,b7 may take such other action as may  
be necessary1 subject to the approval of
 the ,secretary of the ,treasury1 to    
wind up the affairs of the ,board and   

the ,federal reserve banks4  7#b7       
,liquidation of assets  7,a7 ,in general
 ,the ,director of the ,office 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 ,treasury4 
7,b7 ,transfer to treasury ,after       
satisfying 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 banks1 the  
net proceeds of the liquidation under   
subparagraph 7,a7 shall be transferred  
to the ,secretary of the ,treasury and  
deposited in the ,general ,fund of the  
,treasury4  7#c7 ,assumption of         
liabilities ,all outstanding liabilities
 of the ,board of ,governors of the     
,federal ,reserve ,system and the       
,federal reserve banks at the time such 
entities are abolished1 including 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 bank1 shall become the         
liability of the ,secretary of the      
,treasury and shall be paid from amounts
 deposited in the general fund pursuant 
to paragraph 7#b7 which are hereby      
appropriated for such purpose until all 
such liabilities are satisfied4  7d7    
,report ,at the end of the #ah-month    
period beginning on the date of the     
enactment of this ,act1 the ,secretary  
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 actions 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 report4