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USA Congressman Thomas Massie is reintroducing a bill to abolish the Federal Reserve.
The Fed Reserve Board Abolition Act seeks to eliminate the Board of Governors and the Fed Reserve banks, effectively dismantling the Federal Reserve System established by the Federal Reserve Act of 1913.
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Rep. Massie attributes the current high inflation to the Fed Reserve’s actions during the COVID-19 pandemic, stating, “During COVID, the 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 Fed Reserve devalued the dollar and enabled free money policies that caused the high inflation we see today.” He further commented on X (formerly Twitter),
“Americans would be better off if the Fed Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation.”
The idea of abolishing the Fed Reserve is not new. It was first proposed by former Representative Ron Paul (R-TX) in 1999 and has not been reintroduced since 2013. Despite being vetoed and voted against multiple times, the current economic challenges and divided opinions on economic management might give this new iteration of the bill a chance for consideration.
In addition to this bill, Rep. Massie has also introduced the Fed Reserve Transparency Act of 2023 (H.R. 24), which aims to audit the Federal Reserve. This act was initially introduced by Ron Paul in 2009.
