Kentucky Congressman Thomas Massie Receives Strong Support for Bill to Abolish the Federal Reserve

On May 15, 2024, Kentucky Congressman Thomas Massie posted on X a poll on whether he should put forward a bill to abolish the United States Federal Reserve. The poll was able to pick up 115,000 votes when it concluded on May 16. 

The poll featured three options: “end the Fed,” “keep the Fed,” and “just show poll results.” 

Of those votes, an overwhelming 86% majority chose to “end the Fed.”

This eventually prompted Massie to introduce, H.R. 8421, the Federal Reserve Board Abolition Act, which abolishes the Board of Governors of the Fed and its network of banks. On top of that, it repeals the Federal Reserve Act, the 1913 law that established the Federal Reserve System

“Americans are suffering under crippling inflation and the Federal Reserve is to blame,” Massie declared in a May 16 statement announcing the introduction of the bill. 

“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, “ Massie observed. 

Massie is following in the footsteps of the legendary Congressman Ron Paul, who introduced the “Audit the Fed” bill (H.R. 1207) during the 111th Congress, which placed the microscope on the Fed’s monetary policy moves. For his part, Massie introduced his own“Audit the Fed” bill during the 114th Congress.

Through its control of the monetary supply and its ability to expand it, the Fed is one of the entities most responsible for generating inflation. This entire process results in the devaluation of the dollar, destruction of the purchasing power of money individuals hold, and the imposition of a hidden tax on working class individuals’ income and savings. 

The Fed’s interventions when it comes to fixing interest rates and tinkering with the money supply, generates the dreaded economic boom and bust cycle. It also fosters bad incentives through the creation of a “moral hazard” in how it enables banks to execute speculative and high-risk lending practices based on the assumption that the Fed will bail out embattled banks for their irrational decisions. 

The Fed is not only an economic cancer but also a great enabler of economic growth. It’s not a coincidence that after the creation of the Fed in 1913, it has facilitated the largest expansion of government in American history in the last 100 years.

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