Bill Introduced to Abolish Federal Reserve
Legislation has been introduced in the House of Representatives that seeks to abolish the Federal Reserve System, which has served as the nation’s central banking system for over 110 years.
The Federal Reserve Board Abolition Act (H.R. 8421), sponsored by Representative Thomas Massie (R-KY), aims to dismantle the Board of Governors of the Federal Reserve and its affiliated banks. It also repeals the Federal Reserve Act, the 1913 law that established the Federal Reserve System.
Criticism of Federal Reserve
Rep. Massie argues that the Federal Reserve is responsible for the rapid inflation and devaluation of the dollar, which have negatively impacted Americans. He blames the institution for creating trillions of dollars during the COVID-19 pandemic and enabling excessive government spending. Massie contends that these actions have led to the current high inflation rates.
Supporters of Bill
The bill has gained support from several other Republican representatives, including Andy Biggs (R-AZ), Lauren Boebert (R-CO), and Matt Gaetz (R-FL). These lawmakers share Massie’s view that the Federal Reserve has overstepped its authority and is detrimental to the economy.
Previous Attempts to Abolish Federal Reserve
This is not the first attempt to abolish the Federal Reserve. Former Representative Ron Paul (R-TX) introduced similar legislation in 1999 and subsequent years, but it failed to gain traction.
Additional Legislation
In addition to the Federal Reserve Board Abolition Act, Rep. Massie has also introduced the Federal Reserve Transparency Act of 2023 (H.R. 24). This bill aims to audit the Federal Reserve, increasing transparency and accountability within the institution.
The debate over the Federal Reserve’s role in the economy is likely to continue, with proponents of the institution arguing its necessity for monetary stability and opponents blaming it for inflation and economic woes.
