A bill to repeal the Federal Reserve Act and transfer the functions formerly carried out under the Act to the Department of the Treasury.
Monetary Policy Reorganization Act - Repeals the Federal Reserve Act. Transfers the functions carried out under such Act to the Department of the Treasury. Establishes a Deputy Secretary for Monetary Affairs to administer those functions.
Requires the Deputy Secretary to dispose of all the assets under the control of the Federal Reserve System within 180 days of the enactment of this Act except for those assets needed for check clearing or other services provided directly to U.S. financial institutions or to carry out U.S. monetary policy. Requires the proceeds from the sale of such assets to be paid into the Treasury as miscellaneous receipts.
Creates a Monetary Policy Advisory Council to advise the Deputy Secretary on monetary policy.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Domestic Monetary Policy.
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