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The of the Federal Reserve is getting closer, folks! Will the lapdogs in the financial press pick up on this proposal for overhaul or termination of the Federal Reserve or simply ignore it being pressured or threatened by sponsors and Wall Street powers that be:

RESTORE CONGRESSIONAL MONETARY AUTHORITY ACT OF 2026

Section 1 — Short Title This Act may be cited as the “Restore Congressional Monetary Authority Act of 2026.” Section 2 — Congressional Findings Congress finds that: Article I, Section 8 of the Constitution grants Congress authority to borrow money on the credit of the United States and “to coin Money, regulate the Value thereof, and of foreign Coin.” Congress established the Federal Reserve System through the Federal Reserve Act of 1913. Congress retains legislative authority to amend, restructure, or repeal the statutory framework it created, subject to the Constitution and other applicable federal law. Any fundamental restructuring of the Federal Reserve System should preserve the stability of the United States dollar, banking system, Treasury market, payment system, and lawful private contracts. Monetary authority should operate under clearly defined statutory objectives established by the elected representatives of the American people. Section 3 — Reorganization of Federal Monetary Authority Congress shall establish by law the monetary framework governing the United States dollar. The Federal Open Market Committee shall cease exercising independent monetary-policy authority on a transition date established by Congress. No executive department, agency, or successor monetary authority may exercise monetary powers except as expressly authorized by statute. Section 4 — Federal Reserve Transition A Federal Monetary Transition Commission shall be established for a limited period to supervise the orderly restructuring of the Federal Reserve System. The Commission shall prepare for the transfer, continuation, or termination of: Federal Reserve assets and liabilities; Treasury securities and agency securities held by the Federal Reserve; Federal Reserve notes; commercial-bank reserve accounts; Federal Reserve lending facilities; Federal Reserve Bank property and contracts; payment and settlement systems; bank-supervision responsibilities; and Federal Reserve employees and pension obligations. Existing Federal Reserve notes shall remain legal tender throughout the transition. Section 5 — Federal Reserve Balance Sheet The Secretary of the Treasury and the Transition Commission shall submit to Congress a complete accounting of Federal Reserve assets, liabilities, guarantees, commitments, and contingent obligations. Congress shall determine by subsequent legislation which assets and liabilities shall: (a) be transferred to the United States Treasury; (b) remain within successor payment or banking institutions; (c) mature according to their existing contractual terms; or (d) otherwise be disposed of according to law. Nothing in this Act shall be construed automatically to cancel obligations of the United States or lawful obligations owed to private parties. Section 6 — Monetary Rule Before termination of the existing Federal Open Market Committee structure, Congress shall enact a statutory monetary framework governing the issuance of base money and management of the monetary system. Congress shall consider alternatives including: a rules-based dollar; a commodity-linked monetary standard; a gold-linked monetary standard; a Treasury-issued monetary system; or another monetary framework expressly authorized by Congress. The monetary authority administering the system shall not possess unrestricted discretion to create money outside the limits established by Congress. Section 7 — Interest Rates Interest rates on private credit shall principally be determined through competitive financial markets. Congress shall determine whether any successor institution requires a limited mechanism for providing liquidity to solvent financial institutions during extraordinary circumstances and shall establish explicit statutory limits on such authority. Section 8 — Banking Supervision Federal Reserve regulatory and supervisory responsibilities shall be transferred to appropriate existing federal banking regulators or to another institution expressly designated by Congress. No termination of Federal Reserve monetary-policy authority shall terminate prudential supervision of federally regulated financial institutions. Section 9 — Payment Systems Fedwire, automated clearinghouse services, FedNow, currency distribution, Treasury fiscal-agent operations, and other systemically important payment services shall continue operating without interruption during the transition. Congress shall determine whether these functions will ultimately be operated by the Treasury, another federal entity, regulated utilities, or another congressionally authorized structure. Section 10 — Audit and Transparency Before final restructuring, the Government Accountability Office shall conduct and publish a comprehensive accounting of the Federal Reserve System, including its assets, liabilities, emergency lending authorities, securities holdings, contracts, and financial relationships with the Treasury. The audit shall not itself alter any lawful financial obligation. Section 11 — Congressional Monetary Oversight Congress shall establish permanent procedures for reviewing the nation’s monetary framework. Any successor monetary authority shall report regularly to Congress and shall possess only those powers expressly delegated by federal statute. Section 12 — Transition Period The restructuring shall occur in stages sufficient to protect depositors, financial contracts, Treasury financing, payment systems, and the stability of the United States dollar. Essential payment, currency, settlement, and banking services shall continue throughout the transition. Section 13 — Effective Date The provisions of this Act shall take effect according to a transition schedule established by Congress, with final implementation occurring only after Congress has enacted the successor monetary framework required by this Act.

VIDEO:

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ORDER LINK:

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