Congressman Thomas Massie | Official U.S. House headshot
Congressman Thomas Massie | Official U.S. House headshot
Representative Thomas Massie (R-KY) has introduced H.R. 8421, the Federal Reserve Board Abolition Act. This legislation seeks to abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks, as well as repeal the Federal Reserve Act, a law enacted in 1913 that established the Federal Reserve System.
"Americans are suffering under crippling inflation, and the Federal Reserve is to blame," stated Rep. Massie. "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."
Rep. Massie further elaborated on his views: "Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street. 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. If we really want to reduce inflation, the most effective policy is to end the Federal Reserve."
The text of Rep. Massie's H.R. 8421 can be accessed through this link.
Among those who have cosponsored Rep. Massie's legislation are Reps. Andy Biggs (R-AZ), Lauren Boebert (R-CO), Josh Brecheen (R-OK), Tim Burchett (R-TN), Eric Burlison (R-MO), Kat Cammack (R-FL), Michael Cloud (R-TX), Eli Crane (R-AZ), Jeff Duncan (R-SC), Matt Gaetz (R-FL), Bob Good (R-VA), Paul Gosar (R-AZ), Marjorie Taylor Greene (R-GA), Harriet Hageman (R-WY), Ralph Norman (R-SC), Scott Perry (R-PA), Chip Roy (R-TX), Keith Self (R-TX), Victoria Spartz (R-IN) and Tom Tiffany (R-WI).
The Federal Reserve Board Abolition Act was initially introduced by former Representative Ron Paul (R-TX) in 1999 and has not been reintroduced since 2013.
In addition to this legislation, Rep. Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2023, which seeks to audit the Federal Reserve. This act was originally introduced by former Representative Ron Paul in 2009.
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