Rep. Thomas Massie (R-KY) introduced a bill to abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks. The legislation repeals the 1913 Federal Reserve Act.
The congressman also introduced the bill last year.
“Americans have suffered under crippling inflation, and the Federal Reserve is to blame,” Massie said in a statement. “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 high inflation.”
Massie explained that “[m]onetizing debt is a closely coordinated effort between the Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” adding that “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.”
Senator Mike Lee (R-UT) is leading the companion bill.
“The Federal Reserve has not only failed to achieve its mandate, it has become an economic manipulator, directly contributing to the financial instability many Americans face today,” Lee said. “We need to protect our economic future, end the monetization of federal debt that fuels unchecked federal spending, and put American money on solid ground. We need to End the Fed.”
Massie introduced a similar bill in January to audit the Federal Reserve. He noted that former Rep. Ron Paul (R-TX) made an effort to audit the system in 2009.
