“Americans are suffering under crippling inflation, and the Federal Reserve is to blame.”
Representative Thomas Massie (R-KY), in a move backed by 20 more Republicans, has introduced the Federal Reserve Board Abolition Act, which intends to abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks, as well as the Federal Reserve Act (the 1913 law that created the Federal Reserve System).
This is not the first that the Federal Reserve Board Abolition Act was introduced. Former Representative Ron Paul (R-TX) pioneered the move in 1999, but it hasn’t been reintroduced since 2013, the 100th anniversary of the Federal Reserve.
Inflation is Fed’s fault, says Rep. Massie
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” said 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.”
“Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” Rep. 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.”
Original cosponsors of Rep. Massie’s legislation include Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Josh Brecheen (R-OK), Rep. Tim Burchett (R-TN), Rep. Eric Burlison (R-MO), Rep. Kat Cammack (R-FL), Rep. Michael Cloud (R-TX), Rep. Eli Crane (R-AZ), Rep. Jeff Duncan (R-SC), Rep. Matt Gaetz (R-FL), Rep. Bob Good (R-VA), Rep. Paul Gosar (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Harriet Hageman (R-WY), Rep. Ralph Norman (R-SC), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX), Rep. Keith Self (R-TX), Rep. Victoria Spartz (R-IN) and Rep. Tom Tiffany (R-WI).
Rep. Massie has also introduced the Federal Reserve Transparency Act of 2023 to audit the Federal Reserve, which was also originally introduced by former Representative Ron Paul (R-TX).
