US Congressman Thomas Massie has reintroduced a bill to abolish the Federal Reserve, citing inspiration from the book “The Bitcoin Standard.” Massie, in a May press release, attributed America’s current high inflation to the Federal Reserve’s policies during the COVID-19 pandemic.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Massie stated. He criticized the Fed for creating trillions of dollars and lending it to the Treasury Department, facilitating unprecedented deficit spending. This, he argues, devalued the dollar and led to the current inflation crisis by enabling free money policies.
Details of the Legislation
Massie’s legislation aims to dismantle the Federal Reserve System by abolishing both the Board of Governors and the Federal Reserve banks. It also seeks to repeal the Federal Reserve Act of 1913, which established the current Federal Reserve System.
In a post on X, Massie explained how “The Bitcoin Standard” helped him understand Bitcoin and the Federal Reserve. He believes Bitcoin could be a catalyst for this legislative change. “Man, I may be the only one, maybe I’ll get two or three co-sponsors but I don’t care,” he said. “This needs to be done. I got two dozen co-sponsors. The number of cosponsors of the bill to end the Federal Reserve in 10 years has gone up 10X, which is remarkable.”
Historical Context and Legislative Support
The Federal Reserve Board Abolition Act was initially introduced by former Representative Ron Paul (R-TX) in 1999. Massie is the first to reintroduce the bill since 2013, signaling a renewed effort to challenge the central banking system.
Massie’s push to abolish the Federal Reserve underscores a growing sentiment among some lawmakers to reform or dismantle the central bank, influenced by alternative financial systems like Bitcoin. While the bill faces significant hurdles, the increasing number of co-sponsors indicates a rising interest in revisiting the role of the Federal Reserve in the US economy.
