Key Takeaways
- Thomas Massie reintroduces bill to abolish the Federal Reserve.
- Inspired by Saifedean Ammous's book 'The Bitcoin Standard.'
- The bill has garnered two dozen Republican co-sponsors.
Congressman Thomas Massie (R-Kentucky) has reintroduced the “Federal Reserve Board Abolition Act,” inspired by Saifedean Ammous’s book, “The Bitcoin Standard.”
This bill aims to dismantle the Federal Reserve and was initially brought forward by former Congressman Ron Paul in 1999 and last introduced ten years ago.
Massie was motivated to revive the legislation after reading Ammous’s book. In a podcast with Tom Woods, Massie highlighted the book’s influence, stating:
The first 80% of it is not about Bitcoin, it’s about money, it’s about ‘what is money?’
The book argues that Bitcoin, with its capped supply of 21 million coins, could become the world’s dominant form of money and links various social issues to the U.S. abandoning the gold standard in 1971.
The bill seeks to dissolve the Federal Reserve’s Board of Governors, dismantle Federal Reserve banks, and repeal the Federal Reserve Act of 1913, which established the current Federal Reserve System. Massie believes that the Federal Reserve’s policies have primarily benefited the affluent while diminishing the savings of retirees.
Unlike the minimal support for the 2013 bill, Massie’s 2024 bill has attracted two dozen Republican co-sponsors and significant backing from the Bitcoin community. Despite acknowledging the challenges, Massie is committed to advancing the legislation, stating:
Man, I may be the only one, maybe I’ll get two or three co-sponsors but I don’t care. This needs to be done.
While the bill’s future is uncertain, the increase in co-sponsors indicates a growing interest in reassessing the Federal Reserve’s role. The bill’s potential implications could significantly impact the U.S. monetary system amid ongoing debates about inflation and the role of Bitcoin.
