HS 833 - Ron Paul's Bill To Abolish The Federal Reserve

The revocation of the Fed's authority to manage our economy and issue our money will be the first step towards recovering an economy based on production rather than an economy based on Ponzi scemes.
Only through production is wealth created and only with savings is production possible. This bill will set us back on the road to a sustainable economy. If this passes, there will be pain sooner, but it will not last as long nor hit the poor as badly as what will happen if we let the Fed destroy the dollar.

Please contact your Congressman to support this bill in committee, to co-sponsor this bill and to vote for it on the floor of the House. To write your Congressman follow this link and just type in your State and Zip code.

Here is text that you can copy to request that your Congressman supports Dr. Paul's bill:

Dear ___________

I firmly believe that the irresponsible policies of the Federal Reserve Bank have created the economic disaster that we are facing today. I also believe that in our Constitutional Republic, comprised of free men and women, we cannot have a body that sets economic policy but does not answer to the people or the people's representatives in Washington.
It is wrong that a private bank is making life and death decisions for free American men and women in secret. It is time to abolish the Federal Reserve Bank and give the responsibility of coining our money back to the Congress as is stipulated in the Constitution.
Please support HS 833 that was introduced by Congressman Ron Paul on the 3rd of February. Your support will guarantee my vote.

Thank you,


__________________

Following is the body of this overdue bill.


HR 833 IH

111th CONGRESS

1st Session

H. R. 833

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

February 3, 2009

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.