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Thomas Massie Introduces Bill to Abolish Federal Reserve

Republican Rep. Thomas Massie (R-KY) has just introduced a bill to eliminate the U.S. Federal Reserve.

Since it was created more than 110 years ago, the Fed has operated as the nation’s central banking system.

Massie’s “Federal Reserve Board Abolition Act,” H.R. 8421, abolishes the Board of Governors of the Federal Reserve and its banks.

It also repeals the 1913 law that created the Federal Reserve System – the Federal Reserve Act.

In announcing the move, Massie said Americans would be better off without the Fed.

He blamed the central bank for rapid inflation and devaluing the dollar.

“Americans are suffering under crippling inflation and the Federal Reserve is to blame,” Massie said in a Thursday statement announcing the bills being introduced.

“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.”

Massie, considered a Libertarian Republican who opposes big government spending, had teased the idea of ending the fed on Wednesday.

He asked his followers on X if he should introduce such a bill with the vast majority agreeing.

“Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, big banks, and Wall Street,” Massie added.

“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.

full story at https://slaynews.com/news/thomas-massie-introduces-bill-abolish-federal-reserve/

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