Republican Rep. Thomas Massie (R-KY) has just introduced a bill to eliminate the U.S. Federal Reserve.
Since it was created more than 110 years ago, the Fed has operated as the nation’s central banking system.
Massie’s “Federal Reserve Board Abolition Act,” H.R. 8421, abolishes the Board of Governors of the Federal Reserve and its banks.
It also repeals the 1913 law that created the Federal Reserve System – the Federal Reserve Act.
In announcing the move, Massie said Americans would be better off without the Fed.
He blamed the central bank for rapid inflation and devaluing the dollar.
“Americans are suffering under crippling inflation and the Federal Reserve is to blame,” Massie said in a Thursday statement announcing the bills being introduced.
“During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending.
“By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today.”
Massie, considered a Libertarian Republican who opposes big government spending, had teased the idea of ending the fed on Wednesday.
He asked his followers on X if he should introduce such a bill with the vast majority agreeing.
“Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, big banks, and Wall Street,” Massie added.
“Through this process, retirees see their savings evaporate due to the actions of a central bank pursuing inflationary policies that benefit the wealthy and connected.
“If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.”
The bill is being co-sponsored by:
- Rep. Andy Biggs (R-AZ)
- Rep. Lauren Boebert (R-CO)
- Rep. Josh Brecheen (R-OK)
- Rep. Tim Burchett (R-TN)
- Rep. Eric Burlison (R-MO)
- Rep. Kat Cammack (R-FL)
- Rep. Michael Cloud (R-TX)
- Rep. Eli Crane (R-AZ)
- Rep. Jeff Duncan (R-SC)
- Rep. Matt Gaetz (R-FL)
- Rep. Bob Good (R-VA)
- Rep. Paul Gosar (R-AZ)
- Rep. Marjorie Taylor Greene (R-GA)
- Rep. Harriet Hageman (R-WY)
- Rep. Ralph Norman (R-SC)
- Rep. Scott Perry (R-PA)
- Rep. Chip Roy (R-TX)
- Rep. Keith Self (R-TX)
- Rep. Victoria Spartz (R-IN)
- Rep. Tom Tiffany (R-WI)
Throughout its history, there have been several attempts to abolish the Federal Reserve.
The Federal Reserve Board Abolition Act was first introduced by former Rep. Ron Paul (R-TX) in 1999.
However, it hasn’t been reintroduced since 2013.
Paul made the issue central to his previous presidential runs.
In addition to introducing the “End the Fed” legislation, Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2023.
The bill would audit the Federal Reserve.
H.R. 24 was originally introduced by Paul in 2009.
https://slaynews.com/news/thomas-massie-introduces-bill-abolish-federal-reserve/
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