House Republican Introduces Legislation to 'End the Fed'

Leah Barkoukis | May 17, 2024 2:00 PM

Rep. Thomas Massie (R-KY) introduced legislation that would end the Federal Reserve, an effort first undertaken by former Rep. Ron Paul in 1999.

Known as the Federal Reserve Board Abolition Act, H.R. 8421 would abolish the Board of Governors of the Federal Reserve and Federal Reserve banks, as well as repeal the 1913 law that created the Federal Reserve System.

The Kentucky Republican argued Americans’ financial pain is a result of the Fed’s actions.

"Americans are suffering under crippling inflation, and the Federal Reserve is to blame," Massie said in a statement. "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.

"Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street," Massie continued. "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."

I just introduced “End the Fed”

Title: Federal Reserve Board Abolition Act, HR 8421

Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation.https://t.co/JWSaCssAJB pic.twitter.com/z8IDQ139Yc
— Thomas Massie (@RepThomasMassie) May 16, 2024

Cosponsors of the legislation include Republican Reps. Andy Biggs (AZ), Lauren Boebert (CO), Josh Brecheen (OK), Tim Burchett (TN), Eric Burlison (MO), Kat Cammack (FL), Michael Cloud (TX), Eli Crane (AZ), Jeff Duncan (SC), Matt Gaetz (FL), Bob Good (VA), Paul Gosar (AZ), Marjorie Taylor Greene (GA), Harriet Hageman (WY), Ralph Norman (SC), Scott Perry (PA), Chip Roy (TX), Keith Self (TX), Victoria Spartz (IN), and Tom Tiffany (WI).