Rep. Thomas Massie (R-Ky.) has introduced legislation to end the Federal Reserve, the U.S. central bank responsible for managing the country’s financial and banking system.
The bill titled the “Federal Reserve Board Abolition Act” or “End the Fed” seeks to abolish the Federal Reserve System by dismantling its board of governors and the Federal Reserve banks. The legislation also aims to repeal the Federal Reserve Act, which created the Federal Reserve System in 1913.
In introducing the bill, Mr. Massie criticized the Fed’s monetary policies for record-high inflation.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Mr. Massie said in a statement on May 16. “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.”…
