This would do it:
Section 1. Short title
This Act may be cited as the "Full Reserve Banking and Federal Reserve Abolition Act of 2023".
Section 2. Findings
The Congress finds that fractional reserve banking has been a significant cause of financial instability and economic crises in the United States. Fractional reserve banking allows banks to create money out of thin air, which can lead to inflation, asset bubbles, and excessive debt. Furthermore, fractional reserve banking undermines the safety and soundness of the banking system, as banks may not have sufficient reserves to cover their obligations in the event of a crisis. The Federal Reserve System, which was established to provide a lender of last resort and to stabilize the economy, has not been effective in preventing financial crises and has contributed to the problems caused by fractional reserve banking.
Section 3. Prohibition on fractional reserve banking and abolition of the Federal Reserve System
(a) No bank or financial institution may engage in fractional reserve banking.
(b) The Federal Reserve System is hereby abolished and all of its functions and responsibilities shall be transferred to the Department of the Treasury.
Section 4. Implementation timeline
(a) This Act shall be implemented over a period of one year from the date of its enactment.
(b) During the implementation period, banks and financial institutions may continue to operate under their existing business models, but must take steps to transition to a full reserve banking system.
(c) The Department of the Treasury shall develop and issue regulations and guidance to facilitate the transition to a full reserve banking system and to ensure the orderly wind-down of the Federal Reserve System.
Section 5. Enforcement
(a) The Department of the Treasury, in consultation with other relevant regulatory agencies, shall be responsible for enforcing the provisions of this Act.
(b) Any bank or financial institution found to be in violation of this Act shall be subject to fines, penalties, and other enforcement measures as determined by the Department of the Treasury.
Section 6. Effective date
This Act shall take effect immediately upon its enactment.
Section 1. Short title
This Act may be cited as the "Full Reserve Banking and Federal Reserve Abolition Act of 2023".
Section 2. Findings
The Congress finds that fractional reserve banking has been a significant cause of financial instability and economic crises in the United States. Fractional reserve banking allows banks to create money out of thin air, which can lead to inflation, asset bubbles, and excessive debt. Furthermore, fractional reserve banking undermines the safety and soundness of the banking system, as banks may not have sufficient reserves to cover their obligations in the event of a crisis. The Federal Reserve System, which was established to provide a lender of last resort and to stabilize the economy, has not been effective in preventing financial crises and has contributed to the problems caused by fractional reserve banking.
Section 3. Prohibition on fractional reserve banking and abolition of the Federal Reserve System
(a) No bank or financial institution may engage in fractional reserve banking.
(b) The Federal Reserve System is hereby abolished and all of its functions and responsibilities shall be transferred to the Department of the Treasury.
Section 4. Implementation timeline
(a) This Act shall be implemented over a period of one year from the date of its enactment.
(b) During the implementation period, banks and financial institutions may continue to operate under their existing business models, but must take steps to transition to a full reserve banking system.
(c) The Department of the Treasury shall develop and issue regulations and guidance to facilitate the transition to a full reserve banking system and to ensure the orderly wind-down of the Federal Reserve System.
Section 5. Enforcement
(a) The Department of the Treasury, in consultation with other relevant regulatory agencies, shall be responsible for enforcing the provisions of this Act.
(b) Any bank or financial institution found to be in violation of this Act shall be subject to fines, penalties, and other enforcement measures as determined by the Department of the Treasury.
Section 6. Effective date
This Act shall take effect immediately upon its enactment.
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