Posted on 05/17/2024 3:29:45 AM PDT by C210N
Press Releases Rep. Massie Introduces Federal Reserve Board Abolition Act to "End the Fed"
Washington, D.C.-, May 16, 2024 For Immediate Release Contact: massie.press@mail.house.gov Contact #: 202-225-3465
WASHINGTON, D.C.- Representative Thomas Massie (R-KY) announces the introduction of H.R. 8421, the Federal Reserve Board Abolition Act. Rep. Massie's 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 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."
The text of Rep. Massie's H.R. 8421 is available at this link.
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).
The Federal Reserve Board Abolition Act was first introduced by former Representative Ron Paul (R-TX) in 1999 and hasn't been reintroduced since 2013.
In addition to introducing this legislation to "End the Fed," Rep. Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2023 to audit the Federal Reserve. H.R. 24 was originally introduced by former Representative Ron Paul (R-TX) in 2009
Massie has been in the news focus often recently, here are some FR posts:
AIPAC begins campaign against Rep. Thomas Massie in Kentucky
The Speaker Has No Clothes | Guest: Rep. Thomas Massie
MTG and Massie Prepare to Strike, Will Force Johnson Expulsion Vote ‘Next Week’
The Fed is not to blame for inflation. Deficit spending by Congress and the President are to blame.
Representative “Forever 14 years old boy”. Nothing is serious and everything is a joke.
The Fed is the enabler
It takes two to tango
Good lick trying to kill the Beast.
Turning into a true republican. Introducing legislation out of left field at a time when they know it will never pass.
Like this would ever happen. Needs to, but it never will. I am getting sick of these Reps trying to play us as idiots with bills that will NEVER happen. No one else offended by this? They wouldn’t even commit to auditing the Fed back when they were holding all the cards. Let alone get this through current congress and administration.
“Turning into a true republican. Introducing legislation out of left field at a time when they know it will never pass.”
Yep, see #7.
That POS Johnson has made a back-door deal with Jeffries anyway so if the bill makes it to the floor the dems and the GOPe will vote against it anyway, you can see the words already coming from these sellouts.
One of Murphy’s Laws applies here, “If it’s too good to be true it probably is.”
Having a fiat debt-based fractional-reserve currency sets the stage for inflation. The underlying faulty principal is that by definition, there can NEVER be enough M2 'money' to pay off the initial debt. Inflation is a tax (it's theft of our wealth), and they come right out and tell us their target is to nibble to the tune of 2% target at that wealth. While we get upset with anything more than 2%, we should have a problem even with anything over 0%.
When there is a federal deficit, the Fed’s choices are limited to some combination of recession and inflation.
Yup, no chance of passing, just a headline grabbing stunt.
Amen!!!!
Does anyone know why the Fed was created in the first place? Anyone? Bueller?
“Yup, no chance of passing, just a headline grabbing stunt.”
It insults the intelligence. Disheartening how many fall for this stuff and get their hopes up that something might actually happen. It is almost cruel that these Reps keep doing this to them knowing there is absolutely no chance at all.
When I think of this I think of constitutional carry, a crazy fantasy only a decade ago. Twenty-nine states now have it.
I’m on board.
is trump following in jackson’s path?
I’m old enough to remember when they said that Roe V Wade would never be overturned.
It takes people proposing it. Then people supporting it. Then people fighting for it. Then people willing to sacrifice for it.
I think it was Wilson who started it. I could be wrong. It happens all too often. But within about twelve years it made a disastrous screw up. I think it was Milton Friedman who noted that the economy was recovering from the 1929 market crash when the Fed dramatically tightened the money supply, which brought on the Great Depression, and all that followed.
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