Rep. Thomas Massie Introduces ‘End The Fed’ Act
Congressman Thomas Massie introduced the Federal Reserve Board Abolition Act H.R. 8421 Thursday which aims to abolish the private Federal Reserve Bank that has printed U.S. dollars since 1913.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Rep. Massie said in his press release Thursday. “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.”
I just introduced “End the Fed”
— Thomas Massie (@RepThomasMassie) May 16, 2024
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
“Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished,” the act said on the first page.
Rep. Massie went on to describe how the Fed transfers wealth from the people to the corporate elite, and why his act will address this.
“Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” Rep. Massie said in his press release Thursday. “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.”
Former Congressman Ron Paul had introduced The Federal Reserve Board Abolition Act in 1999, the last time it was introduced was 2013.
As no fan of the Fed, Rep. Massie also introduced H.R. 24, the Federal Reserve Transparency Act of 2023, an act that Rep. Massie also introduced in 2015, which was aimed at auditing the central bank.“Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished,” the act said on the first page.
So far, acts that have aimed at curtailing the Federal Reserve’s powers have fell on deaf ears.
The Creature from Jekyll Island by G. Edward Griffin described the Federal Reserve Bank as not federal, not having reserves and not being a bank.
