U.S. Representative Thomas Massie has introduced legislation aimed at abolishing the Federal Reserve.
Representative Thomas Massie (R-KY) has announced the introduction of H.R. 8421, titled the Federal Reserve Board Abolition Act. The bill seeks to dismantle the Federal Reserve System by abolishing the Board of Governors of the Federal Reserve and the Federal Reserve banks while repealing the Federal Reserve Act of 1913, which established the central banking system in the United States.
Rep. Massie attributes the current high inflation rates to the Federal Reserve's actions, particularly during the COVID-19 pandemic. "Americans are suffering under crippling inflation, and the Federal Reserve is to blame," Massie stated. He criticized the Federal Reserve for its role in creating trillions of dollars and loaning it to the Treasury Department, which he claims facilitated deficit spending and the subsequent devaluation of the dollar.
In his condemnation of the central bank's policies, Massie argued that inflation disproportionately harms retirees and favors the wealthy. "If we really want to reduce inflation, the most effective policy is to end the Federal Reserve," he asserted.
The bill has garnered support from several Republican cosponsors, including Representatives Andy Biggs (R-AZ), Lauren Boebert (R-CO), and Marjorie Taylor Greene (R-GA), among others. This marks the first time the Federal Reserve Board Abolition Act has been reintroduced since 2013, initially brought forth by former Representative Ron Paul (R-TX) in 1999.
Rep. Massie is concurrently advocating for greater transparency within the Federal Reserve by introducing H.R. 24, the Federal Reserve Transparency Act of 2023, which mandates an audit of the central bank. This act was originally proposed by Ron Paul in 2009.
