Republican Introduces Bill To ‘End The Fed’

With Americans crushed by inflation caused by the federal government endlessly printing and spending money, one of the few conservative constitutionalists in Congress is taking action to stop it

U.S. Representative Thomas Massie (R-Ky.) introduced H.R. 8421, the “Federal Reserve Board Abolition Act.” 

Massie notes his legislation “abolishes the Board of Governors of the Federal Reserve and the Federal Reserve banks. It also repeals the Federal Reserve Act, the 1913 law that created the Federal Reserve System.”

“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” said 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,” Massie added. “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 Federal Reserve Board Abolition Act was first introduced in 1999 by then-Representative Ron Paul (R-TX,). Despite constant inflation, it has not been reintroduced since 2013.

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).

In addition to re-introducing Ron Paul‘s Federal Reserve Board Abolition Act, Massie has also introduced H.R. 24, the “Federal Reserve Transparency Act of 2023 to audit the Federal Reserve.” “Audit The Fed” legislation was also originally introduced by Paul, in 2009.

The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.