Bills · HR 1846
IN COMMITTEE· 119TH CONGRESS
House BillHR 1846Finance and Financial Sector
Federal Reserve Board Abolition Act
INTRO MAR 5· LAST ACTION MAR 5
READING
3MIN
COSPONSORS
11
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it proposes a radical change to how the U.S. economy is managed. The Federal Reserve plays a crucial role in setting interest rates, which affects how much you pay for a home loan or how much interest you earn on your savings. It also controls the amount of money in circulation, helps keep prices stable (manage inflation), and supervises banks to prevent financial crises. If this bill became law, these functions would cease to exist in their current form.
Without the Federal Reserve, there would be no independent body to guide monetary policy, potentially leading to increased economic volatility, higher inflation, or even deflation. It could create uncertainty in financial markets, both domestically and globally. The decision of whether to keep or abolish the Fed is about fundamental beliefs in how the government should influence the economy and manage the country's financial stability.
KEY PROVISIONS
5AI-extractedPROVISION 01
Abolishes the Board of Governors of the Federal Reserve System and all Federal Reserve banks one year after the bill becomes law.
This provision completely removes the country's central bank and its regional branches, ending their roles in monetary policy and financial oversight.
PROVISION 02
Repeals the Federal Reserve Act, the foundational law that established and governs the Federal Reserve System, one year after the bill becomes law.
This eliminates the legal framework for the Federal Reserve's existence and operations, ensuring its full dissolution.
PROVISION 03
Directs the Chairman of the Board of Governors to manage the winding up of the Fed's affairs during the one-year dissolution period.
This ensures an orderly process for closing down the institution, including managing employees, assets, and liabilities during the transition.
PROVISION 04
Requires the Director of the Office of Management and Budget to liquidate all Federal Reserve assets and transfer the net proceeds to the U.S. Treasury.
This outlines how the Fed's financial holdings would be converted into cash for the government, affecting the national budget.
PROVISION 05
Transfers all outstanding liabilities of the Federal Reserve, including employee benefits, to the Secretary of the Treasury.
This means the U.S. government would become directly responsible for the Fed's debts and obligations, which could be substantial.
SPONSORSHIP
1 + 11
R· Kentucky
YRS IN OFFICE
13
BILLS LED
29
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 0 REP 11 IND 0
ACTION TIMELINE
2 EVENTSMAR 5
Introduced in House
MAR 5
Referred to the House Committee on Financial Services.
BILL INFO
TypeHouse Bill
NumberHR 1846
Congress119th
StatusIn Committee
IntroducedMar 5, 2025
Last actionMar 5, 2025
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IN COMMITTEE· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED MAR 5, 2025
House BillHR 1846Finance and Financial Sector
Federal Reserve Board Abolition Act
INTRODUCED MAR 5, 2025· LAST ACTION MAR 5, 2025
PASSAGE CHANCES
—%
READING
3 min
COSPONSORS
11
COMPLEXITY
Moderate
