Abolish the Federal Reserve - then what? First off, HOW do we abolish it? The Fed has assets and liabilities. Its assets include U.S. Treasuries, mortgages, special drawing rights, foreign currency, gold - its liabilities include the bank notes it issues (currency money) and the deposit accounts that member banks have with it. What do we do with all that stuff? Do we confiscate all its assets for the people, rendering federal reserve notes and deposits worthless? Do we sell of its assets and liabilities to private individuals? Do we decentralize and return to the National Bank System we had from 1963-1913, splitting everything up between the member banks?