H.R. 2755: Federal Reserve Board Abolition Act

HR 2755 IH
110th CONGRESS
1st Session
H. R. 2755
To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
June 15, 2007
Mr. PAUL introduced the following bill; 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 banks, to repeal the Federal Reserve Act, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Federal Reserve Board Abolition Act’.
SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.
(a) In General- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.
(b) Repeal of Federal Reserve Act- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.
(c) Disposition of Affairs-
(1) MANAGEMENT DURING DISSOLUTION PERIOD- During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System–
(A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks–
(i) 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 abolished; and
(ii) 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 subsection; and
(B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.
(2) LIQUIDATION OF ASSETS-
(A) 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 Treasury.
(B) 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 banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.
(3) 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 abolished, 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 bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.
(d) Report- At the end of the 18-month period beginning on the date of the enactment of this Act, 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 report.

US Senators & Representatives

“Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Federal Reserve System have never been audited. It operates outside the control of Congress and manipulates the credit of the United States”
– Sen. Barry Goldwater (Rep. AR)

“This [Federal Reserve Act] establishes the most gigantic trust on earth. When the President
Wilson signs this bill, the invisible government of the monetary power will be legalized….the worst legislative crime of the ages is perpetrated by this banking and currency bill.”
-Charles A. Lindbergh, Sr. , 1913

“From now on, depressions will be scientifically created.”
– Congressman Charles A.Lindbergh Sr. , 1913

“The financial system has been turned over to the Federal Reserve Board. That Board administers the finance system by authority of a purely profiteering group. The system is Private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people’s money”
– Charles A. Lindbergh Sr., 1923

“The Federal Reserve bank buys government bonds without one penny…”
– Congressman Wright Patman, Congressional Record, Sept 30, 1941

“We have, in this country, one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board. This evil institution has impoverished the people of the United States and has practically bankrupted our government. It has done this through the corrupt practices of the moneyed vultures who control it”.
– Congressman Louis T. McFadden in 1932 (Rep. Pa)

“The Federal Reserve banks are one of the most corrupt institutions the world has ever seen.
There is not a man within the sound of my voice who does not know that this nation is run by the International bankers
– Congressman Louis T. McFadden (Rep. Pa)

“Some people think the Federal Reserve Banks are the United States government’s institutions.
They are not government institutions. They are private credit monopolies which prey upon the people of the United States for the benefit of themselves and their foreign swindlers” — Congressional Record 12595-12603
– Louis T. McFadden, Chairman of the Committee on Banking and Currency (12 years) June 10, 1932

“I have never seen more Senators express discontent with their jobs….I think the major cause is
that, deep down in our hearts, we have been accomplices in doing something terrible and
unforgivable to our wonderful country. Deep down in our heart, we know that we have given our
children a legacy of bankruptcy. We have defrauded our country to get ourselves elected.”
– John Danforth (R-Mo)

“These 12 corporations together cover the whole country and monopolize and use for private
gain every dollar of the public currency…”
– Mr. Crozier of Cincinnati, before Senate Banking and Currency Committee – 1913

“The [Federal Reserve Act] as it stands seems to me to open the way to a vast inflation of the
currency… I do not like to think that any law can be passed that will make it possible to submerge the gold standard in a flood of irredeemable paper currency.”
– Henry Cabot Lodge Sr., 1913

“Give me control of a nation’s money and I care not who makes it’s laws” -Mayer Rothschild