Ron Paul's "Federal Reserve Abolition Act" Introduced - Mercedes-Benz Forum

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post #1 of 17 (permalink) Old 06-21-2007, 08:46 AM Thread Starter
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Ron Paul's "Federal Reserve Abolition Act" Introduced

Read for yourself.

http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.2755:
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at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.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.
That's it...the whole thing.
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post #2 of 17 (permalink) Old 06-21-2007, 08:55 AM
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Smartest idea I have heard out of the man since he came on the scene.......
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post #3 of 17 (permalink) Old 06-21-2007, 09:20 AM
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"It does not take a majority to prevail ... but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men." -- Samuel Adams

Go Ron Paul!

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #4 of 17 (permalink) Old 06-21-2007, 10:28 AM
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Quote:
Originally Posted by GermanStar
"It does not take a majority to prevail
Yeah I think Bush proved that 6 1/2 years ago and Al Gore learned that one the hard way........
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post #5 of 17 (permalink) Old 06-21-2007, 11:10 AM
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I would love to see all new legislation include a clear statement of the purpose of the legislation and a set of measuring milestones or yardsticks to determine if the legislation has accomplished its purpose. If it fails to meet the yardsticks for some period the legislation must be either modified, with new yardsticks and new goals in a finite amount of time, or it self cancels. This crap of having legislation on the books that doesn't work and you need majorities to cancel it is bunk. Jim
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post #6 of 17 (permalink) Old 06-21-2007, 03:16 PM
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Quote:
Originally Posted by QBNCGAR
Read for yourself.

Search Results - THOMAS (Library of Congress)
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.
That's it...the whole thing.
No wonder the Republicans fear him!
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post #7 of 17 (permalink) Old 06-21-2007, 03:18 PM
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They don't call him "Dr. No" for nothing.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #8 of 17 (permalink) Old 06-21-2007, 04:23 PM
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I just wish someone here--or there--had a clue... It's just kind of embarrassing to think that this is all MB owners know. Where is Paris Hilton when we need intelligence?

Don't believe everything you think

Last edited by Jayhawk; 06-21-2007 at 04:25 PM.
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post #9 of 17 (permalink) Old 06-21-2007, 04:56 PM
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Quote:
Originally Posted by Jayhawk
I just wish someone here--or there--had a clue... It's just kind of embarrassing to think that this is all MB owners know. Where is Paris Hilton when we need intelligence?
Why do you make it so easy? There is no sport in this.
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post #10 of 17 (permalink) Old 06-21-2007, 05:12 PM
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Originally Posted by Botnst
Why do you make it so easy? There is no sport in this.
I can't help myself... They just make it too easy!

Don't believe everything you think
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