Abolish the Federal Reserve!

Ron Paul's Federal Reserve Abolition Act - HR 2755

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Federal Reserve Board Abolition Act (Introduced in House)
HR 2755 IH
110th CONGRESS
1st Session
HR 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at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed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

[edit on 25-9-2008 by tyranny22]

It's about damned time!

Support this Resolution! Follow the link, then write or call your congressman AND representative!

Not anytime soon:

biz.yahoo.com...

Lawmakers: Financial bailout agreement reached

The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.

Owch. That hurts.

Not only my feelings, but also my wallet!

I just got that too... why does anyone bother? No matter how much people complain, they do whatever the hell they want anyway... and if you complain loud enough, the two sides work out a couple "deals" to make it look like they are listening... but the jist of it still goes through.

I'm depressed, angry, and sick of this system. Somethings got to give.

[edit on 25-9-2008 by mecheng]

reply to post by pluckynoonez


Reminds me of bicycle tires when I was younger. You'd skid and skid and skid, knowing you were going to totally screw your tire over. It being so fun at the moment (temporary gratification) that you wouldn't stop. In the end, the tire pops and what do you do? Use a 50 cent patch, tons of glue and skid and skid and skid!

It's ridiculous how these politicians use the same rationale when dealing with peoples lives.

reply to post by DeadFlagBlues


Funny. It reminds me of a crack whore.

I wrote three representatives regarding this matter ... not to mention the bail-out. Now that they've accepted the terms, I can't wait for their replies to my letters.

I just hope they've lined their pockets-a-plenty because they're not getting my vote again. And I'll do everything in my power to keep them from being re-elected.

reply to post by mecheng


In what way?

The insatiable thirst to fulfill your needs, using people as objects and vehicles to get there, only showing your true true face after you've achieved desired goal?

whoa ... I better clarify for all those Google Apps that are cataloging web pages and sharing info with government agencies.

I'll do everything with in my power (LEGALLY) to keep these representatives from being re-elected if my letters are ignored.

I'd sure hate to be added to the 1 Million + Club that makes up our "domestic threat" list.

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reply to post by mecheng



Why does anyone bother? UHMMMM, Last time I checked, no one IS bothering. We say, we write, we protest, we blah blah blah, all the while, we continue to conform to whatever we are told to do. That isn't bothering. Actions people!! Action!

Quit worrying about THEM and start living for you, your family, friends, and those nearby in the community.

The only way things are going to change is if we "shut it down" by not participating in it and pretending that they have the solutions. They have $$, several houses, several cars, several partners, blah blah. Our freely given belief that they have any powers or solution is THEIR solution to raping this planet and conforming its future into what they see as ideal. Withdraw only that belief and you withdraw from supporting an illusion. They need us to believe the illusion of security/freedom and quite frankly, I DO NOT believe them and their stated intents.

Just stop paying for their greed and you will start seeing solutions to YOUR problems and how all we have been doing is ensuring they have no problems... WILLINGLY

ANYWAY point is, YOu don't NEED anyone to abolish the federal reserve. That is still waiting for someone else to do your dirty work. Abolish it in your own life if you feel the need to do so. That is the only solution right now. INdividuals taking control of their own life back.

[edit on 17-10-2008 by justamomma]

Originally posted by justamomma
reply to post by mecheng

 

The only way things are going to change is if we "shut it down" by not participating in it and pretending that they have the solutions.

That's the craziest thing I've ever heard.

How does one go about abolishing the Federal Reserve "in my own life"?

I work for an incorporated company. It's way too late for me to fall "off the grid". It's not about ignoring them. That just allows to do what they want - for example: Instituting a Federal Reserve, deregulating the banking industry, deregulating media ... where has that lead us? Into a two-front war on terror and left us with a broken economy.

To suggest you should sit back and not worry about it disgusts me and it's exactly what's wrong with this nation.

They best chance we have to BE INVOLVED in every aspect. Elect officials that support your own ideals.

WRITE YOUR CONGRESSMEN ON ISSUES OF IMPORTANCE TO YOU!

GET INVOLVED! Let them know that they don't have your vote if they don't represent you!

[edit on 5-11-2008 by tyranny22]