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Thomas Massie introduces bills to audit, abolish the Federal Reserve

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Rep. Thomas Massie (R-Ky.) has introduced a bill that would abolish the Federal Reserve System, which has served as the nation’s central banking system since its creation more than 110 years ago.

HR 8421, the Federal Reserve Board Repeal Act, abolishes the Federal Reserve System and the Board of Governors of its banks. It would also repeal the Federal Reserve Act, the 1913 law that created the Federal Reserve System.

Announcing the move, Massey said Americans would be better off without the Fed and blamed the Fed for rapid inflation and the devaluation of the dollar.

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Representative Thomas Massie (R-Kentucky) has introduced a bill that seeks to abolish the Federal Reserve, which has served 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 from catastrophic inflation, and the responsibility lies with the Federal Reserve,” Massey said in a statement Thursday announcing the bill’s introduction.

“During the COVID-19 pandemic, the Federal Reserve created trillions of dollars out of thin air and loaned the Treasury to enable unprecedented deficit spending.The Federal Reserve Monetizes Debt. “It devalued the dollar and enabled free currency policies, which led to high inflation.”See today. ”

Massey, who is considered a libertarian Republican who opposes huge government spending, toyed with the idea of ​​abolishing the Fed on Wednesday when he asked his X followers whether such legislation should be introduced with majority consent. I knew it.

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federal reserve

US Federal Reserve Building. The banking system he created in 1913. (Reuters/Jason Reid)

“Debt monetization is a closely coordinated effort between the White House, Federal Reserve, Treasury, Congress, big banks, and Wall Street,” Massey added.

“Through this process, retirees will see their savings evaporated by central bank actions that pursue inflationary policies that benefit the wealthy and well-connected. If you want to control it, the most effective policy is to terminate the Federal Reserve.

The bill was sponsored by Representatives Andy Biggs, R-Arizona, Lauren Boebert, R-Colorado, Josh Brechen, R-Oklahoma, Tim Burchett, R-Oklahoma, and Tim Barr, R-Tennessee. Congressman Chet is a co-sponsor. Eric Burleson (R-Missouri), Rep. Kat Cammack (R-Fla.), Rep. Michael Cloud (R-Texas), Rep. Eli Crane (R-Ariz.), and Rep. Jeff Duncan Congressman Matt Gaetz (R-Fla.), Bob Good (R-Va.), Paul Gosar (R-Ariz.), and Marjorie Taylor Greene (R.S.C.). (R., Georgia), Rep. Harriet Hageman (R., Wyoming), Rep. Ralph Norman (R.C.), Rep. Scott Perry (R., Pennsylvania), Rep. Chip Roy (R., Texas), Reps. Keith Self (R-TX), Victoria Spartz (R-IN), and Tom Tiffany (R-WI).

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Throughout the history of the Federal Reserve System, there have been several attempts to abolish it.

The Fed Repeal Act was first introduced by former Rep. Ron Paul (R-Texas) in 1999 and has not been reintroduced since 2013. Paul made this issue a centerpiece of his last presidential campaign.

In addition to introducing legislation to “end the Fed,” Mr. Massey also HR24, The Federal Reserve Transparency Act of 2023, which audits the Federal Reserve System. HR 24 was first introduced by Paul in 2009.

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