Key Takeaways
- Rep. Massie introduces H.R. 8421 to abolish the Federal Reserve.
- The bill seeks to dismantle the Board of Governors and the Federal Reserve banks.
- Original cosponsors include Representatives Biggs, Boebert, and Gaetz.
Representative Thomas Massie (R-KY) has introduced H.R. 8421, the Federal Reserve Board Abolition Act.
This legislation aims to dismantle the Board of Governors of the Federal Reserve and the Federal Reserve banks, as well as repeal the Federal Reserve Act of 1913, which established the Federal Reserve System.
Rep. Massie stated:
Americans are suffering under crippling inflation, and the Federal Reserve is to blame. 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.
Rep. Massie continued:
Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street. 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.
The text of H.R. 8421 is available online.
Original cosponsors of the bill include Representatives Andy Biggs (R-AZ), Lauren Boebert (R-CO), Josh Brecheen (R-OK), Tim Burchett (R-TN), Eric Burlison (R-MO), Kat Cammack (R-FL), Michael Cloud (R-TX), Eli Crane (R-AZ), Jeff Duncan (R-SC), Matt Gaetz (R-FL), Bob Good (R-VA), Paul Gosar (R-AZ), Marjorie Taylor Greene (R-GA), Harriet Hageman (R-WY), Ralph Norman (R-SC), Scott Perry (R-PA), Chip Roy (R-TX), Keith Self (R-TX), Victoria Spartz (R-IN), and Tom Tiffany (R-WI).
The Federal Reserve Board Abolition Act was originally introduced by former Representative Ron Paul (R-TX) in 1999 and has not been reintroduced since 2013.
