Federal Reserve Board Abolition Act

# Federal Reserve Board Abolition Act Summary **What the Bill Would Do** If passed, this bill would eliminate the Federal Reserve Board, the central banking system of the United States. The Federal Reserve currently manages monetary policy, regulates banks, and influences interest rates and inflation. Passing this legislation would fundamentally dismantle these institutions and their operations. **Who It Affects** This bill would impact virtually every American and the broader economy. The Federal Reserve influences borrowing costs for mortgages, car loans, and credit cards; manages the money supply; and oversees the banking system.

Its elimination would affect financial stability, savings, investments, and economic policy nationwide. **Current Status and Key Context** The bill is currently in committee and has not advanced further in the legislative process. As introduced, it does not specify what would replace the Federal Reserve's functions, such as banking regulation or monetary policy management. Similar proposals have been introduced in previous congressional sessions but have not gained significant traction in either chamber.