Summary: H.R.1148 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.1148. Bill summaries are authored by CRS.

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Introduced in House (03/17/1999)

Federal Reserve Board Abolition Act - Abolishes the Board of Governors of the Federal Reserve System and each Federal reserve bank.

Repeals the Federal Reserve Act.

Sets forth administrative provisions regarding the winding up of affairs of the Board and banks.

Requires the Director of the Office of Management and Budget (OMB) to liquidate all Board and bank assets so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.

Transfers the net proceeds of liquidation to the Treasury after satisfying all claims against the Board and banks accepted by the OMB Director and redeeming bank stock.

Abolishes all outstanding liabilities of the Board and banks at the time such entities are abolished, including any liability for retirement and other benefits for former Board and bank officers and employees, and makes such liabilities payable from amounts deposited in the Treasury general fund.