Federal Reserve Board Abolition Act

# Federal Reserve Board Abolition Act Summary **What the Bill Would Do** This bill, introduced by Senator Mike Lee (R-UT), would eliminate the Federal Reserve Board—the central banking system that currently manages U.S. monetary policy, regulates banks, and controls interest rates. If passed, it would dissolve the institution that has existed since 1913 and fundamentally restructure how the federal government manages the nation's money supply and banking system. **Who It Affects** This would impact virtually everyone: consumers (through changes in how interest rates and inflation are managed), savers and borrowers, banks and financial institutions, and the broader economy.

The Federal Reserve currently influences employment levels, inflation, and economic stability—so eliminating it would affect all Americans' financial lives. **Current Status** As of now, the bill remains in committee and has not advanced further in the legislative process. It has not gained significant support from other lawmakers, making passage unlikely in its current form. The bill represents a longstanding libertarian-influenced critique of central banking, though most economists and policymakers across the political spectrum view the Federal Reserve as essential to economic stability.