Ron Paul introduced HR 2755: Federal Reserve Abolition Act. There were no co-sponsors, no further action was taken, and the legislation was referred to the House Committee on Financial Services and effectively pigeonholed and ignored.
It’s a bold and needed measure 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.”
The bill provides for management of employees, assets and liabilities of the Board during a dissolution period, and more as follows:
– it designates the Director of the Office of Management and Budget to liquidate Fed assets in an orderly and expeditious manner;
– transfer them to the General Fund of the Treasury after satisfying all claims against the Board and any Federal reserve bank;
– assume all outstanding Board and member bank liabilities and transfer them to the Secretary of the Treasury; and
– after an 18-month period, submit a report to 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.”
On November 22, “End the Fed” protests were held in 39 or more cities nationwide (including New York, Chicago, Los Angeles and Washington, DC), but you’d hardly know it for lack of coverage. Attendee demands were simple and emphatic:
– end a private banking cartel’s illegal monopoly control over the nation’s money supply and price;
– return that power to the US Treasury as the Constitution mandates;
– end a fiat currency system backed by the waning full faith and credit of the government; and
– return the country to a sound, hard currency monetary system.
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