Republican Representative Thomas Massie (KY) introduced a bill that would abolish the Federal Reserve.
The bill, called the “Federal Reserve Board Abolition Act,” would end the Federal Reserve by breaking up its board of governors.
Including Massie, there are 22 sponsors for the bill: 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) and Rep. Tom Tiffany (R-WI), and Rep. Matt Rosendale (R-MT).
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Massie said in a press release. “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.”
He explained that “monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street.”
“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.”
Representative Matt Rosendale (R-MT) said the Federal Reserve has contributed to “raising inflation,” “evaluating our currency,” and “enriching our elite.”
The Federal Reserve previously shared with Congress that one of its “key duties” is to establish a central bank digital currency (CBDC).
CBDC is a “digital form of central bank money that is widely available to the general public,” according to the Federal Reserve Board. “While Americans have long held money predominantly in digital form—for example in bank accounts, payment apps or through online transactions—a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve, not of a commercial bank,” the board added.
