'End the Fed' Bill Would Abolish the Federal Reserve: Rep. Thomas Massie
"Americans are suffering under crippling inflation, and the Federal Reserve is to blame," Massie said.
In a bold legislative move, Representative Thomas Massie (R-KY) has introduced H.R. 8421, the ‘Federal Reserve Board Abolition Act,’ which aims to dismantle the Federal Reserve System.
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The bill seeks to abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks, as well as repeal the Federal Reserve Act of 1913, the law that established the central banking system in the United States.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Representative Massie said in a press release.
He attributed the current inflation crisis to the Federal Reserve’s actions during the COVID-19 pandemic, pointing out how the institution created “trillions of dollars out of thin air” and loaned it to the Treasury Department.
According to Rep. Massie, this enabled unprecedented deficit spending, which devalued the dollar and led to the inflationary pressures being felt today.
“By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today,” he said.
The Kentucky legislator went on to criticize the close coordination between various governmental and financial entities in what he described as a scheme to monetize debt.
“Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” he explained.
Massie emphasized that this process has particularly harmful effects on retirees, whose savings diminish due to the central bank’s inflationary policies that, in his view, disproportionately benefit the wealthy and well-connected.
“If we really want to reduce inflation, the most effective policy is to end the Federal Reserve,” the congressman declared, underscoring the primary aim of his legislation.
The bill has garnered support from several co-sponsors, including: 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).
You can read the bill in full here:
The legislation is not entirely unprecedented.
It was first introduced by former Rep. Ron Paul (R-TX) in 1999 and last saw an introduction in 2013.
Rep. Paul, a long-time critic of the Federal Reserve, has advocated for its abolition for decades.
In addition to H.R. 8421, Rep. Massie has also introduced H.R. 24, the ‘Federal Reserve Transparency Act of 2023,’ which aims to audit the Federal Reserve.
This legislation also traces its origins to Paul, who first introduced it in 2009.
Massie’s efforts to “End the Fed” reflect a continued libertarian spirit within certain segments of the Republican Party, seeking to reduce the influence of the federal government and its financial institutions.
You can find Ron Paul’s book End The Fed here, and you can watch a January 2009 lecture the former Texas congressman gave on the topic below.
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Long, long, overdue (just look at the debt clock) https://www.usdebtclock.org/ Financing, and knowledge of, is a subject most Americans do not indulge in. They do however, indulge in the things money can buy. Think of it this way, you want to by something, not necessities, but something, in most cases, you don't need. A car, electronics, clothes, shoes (for us woman, who can't go without that perfect shoe), etc. Knowing this is not in the budget you indulge. The debt just keeps piling up, with interest. Before you know it you are bankrupt. This is our economics here in America. The difference between us and them on balancing budget, is there are some so called "experts" in their field of finance who are suppose to know who to balance the books. We, on the other hand, rely on ourselves, and only have ourselves to blame for poor money management. (myself included). We rob Peter to pay Paul, so to speak. Gov. does same, but with OPM (other peoples $$). They got no skin in the game. Nothing to lose. Nothing. In fact, just the opposite, promotions, bonus's, accolades, fancy every for the fine job they did! If Americans understood the power and authority, INHERENT to our exist, first by Creator (in my case God), then by the written contract, treaty, compact, in the flesh, sentient being world, oh what a wonderful world it would be.... https://youtu.be/VqhCQZaH4Vs
WHY do these Republicans submit legislation they KNOW will never get passed the Senate or the current usurper in the Oval Office (JoeBama)? If you have watched closely over the years as I have you would see that when the Republicans control both houses of Congress they only work to pass Democrat legislation and none of the good stuff they submit when they don't have the majority ever sees the light of day when there would actually be a chance they would pass. Are you people catching on yet???