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Rep. Thomas Massie, R-Ky., has introduced legislation that seeks to end the Federal Reserve – which has operated as the nation’s central banking system since it was created more than 110 years ago.
H.R. 8421, theFederal Reserve Board Abolition Act, abolishesthe Board of Governors of the Federal Reserve and its banks. It alsorepealsthe FederalReserve Act, the1913law that createdthe Federal Reserve System.
In announcing the move, Massie said Americans would be better off without “the Fed” and blamed it for rapid inflation and devaluing the dollar.
US EMPLOYERS SCALED BACK HIRING IN APRIL. HOW THAT COULD LET THE FED CUT INTEREST RATES
Rep. Thomas Massie, R-Ky., has introduced legislation that seeks to end the Federal Reserve – which has operated as the nation’s central banking system since 1913. (Al Drago/Bloomberg via Getty Images, left, ANDY JACOBSOHN/AFP via Getty Images, bottom right, Brooks Kraft/ Getty Images, top right. )
“Americans are suffering under crippling inflation and the Federal Reserve isto 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.Bymonetizingthe debt, the Federal Reservedevaluedthe 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 when he asked his followers on X if he should introduce such a bill with the vast majority agreeing.
SEN. ELIZABETH WARREN, PROGRESSIVES URGE FED CHAIR TO LOWER INTEREST RATES
The U.S. Federal Reserve building. The banking system was created in 1913. (REUTERS/Jason Reed)
“Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, bigbanks, and Wall Street,”Massieadded.
“Through this process, retirees see their savings evaporate due to the actions of a central bankpursuing 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.”
The bill is being co-sponsored by Rep. Andy Biggs, R-Ariz., Rep. Lauren Boebert, R-Colo., Rep. Josh Brecheen, R-Okla., Rep. Tim Burchett, R-Tenn., Rep. Eric Burlison, R-Mo., Rep. Kat Cammack, R-Fla., Rep. Michael Cloud, R-Texas, Rep. Eli Crane, R-Ariz., Rep. Jeff Duncan, R-S.C., Rep. Matt Gaetz, R-Fla., Rep. Bob Good, R-Va., Rep. Paul Gosar, R-Ariz., Rep. Marjorie Taylor Greene, R-Ga., Rep. Harriet Hageman, R-Wyo., Rep. Ralph Norman, R-S.C., Rep. Scott Perry, R-Pa., Rep. Chip Roy, R-Texas., Rep. Keith Self, R-Texas, Rep. Victoria Spartz, R-Ind., and Rep. Tom Tiffany, R-Wis.
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There have been several attempts to abolish the Federal Reserve throughout its history.
TheFederal Reserve Board Abolition Actwas firstintroduced by former Rep. Ron Paul, R-Texas, in 1999 and hasn’t been reintroduced since 2013. Paul made the issue central to his previous presidential runs.
In addition to introducing the “End the Fed”legislation, Massie has also introducedH.R. 24, the Federal Reserve Transparency Act of 2023, which wouldaudit the Federal Reserve. H.R. 24was originally introduced by Paul in 2009.
Michael Dorgan is a writer for Fox News Digital and Fox Business.
You can send tips to michael.dorgan@fox.com and follow him on Twitter @M_Dorgan.
