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Ron Paul’s Federal Reserve Abolition Act Introduced in House

Ron Paul’s Federal Reserve Abolition Act Introduced in House

The Right Perspective
September 23, 2008

Constitutional Conservative Ron Paul has introduced H.R. 2755, the “Federal Reserve Board Abolition Act“, which will repeal the Federal Reserve Act and abolish the US Federal Reserve at the end of 1 year after its passing into law.

The 1 year time frame will be a “winding down” period, overseen by the Chairman of the Board of Governors of the Federal Reserve System, who will continue to pay employees and operate day-to day dealings.

The OMB Director will begin liquidating the Fed’s assets, which will put into the General Fund of the Treasury. The Secretary of the Treasury and the Director of the Office of Management and Budget will report back to Congress at the end of 18 months.

The Texas Congressman has been a long time critic of the US Federal Reserve, ran a grassroots campaign for the Republican Party nomination of President of the United States. Paul was derided by many within his own party for his stance on the Iraq War. Despite poor showings in polls, Rep. Paul used his presidential campaign as a bully pulpit for small government and a strict interpretation of the US Constitution, which has since found an increasing acceptance by conservatives, including political commentators Glenn Beck and Chuck Norris.

 

Ron Paul: Bailout Will Destroy Dollar, World Economy

http://www.youtube.com/watch?v=YBVB1Uc0nko

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