Thomas Massie introduces bills to audit, abolish the Federal Reserve

Rep. Thomas Massie, R-Ky., has introduced legislation that seeks to end the Federal Reserve – which has operated as the nation’s central banking system since it was created more than 110 years ago.

H.R. 8421, the Federal Reserve Board Abolition Act, abolishes the Board of Governors of the Federal Reserve and its banks. It also repeals the Federal Reserve Act, the 1913 law that created the Federal Reserve System.

In announcing the move, Massie said Americans would be better off without “the Fed” and blamed it for rapid inflation and devaluing the dollar. 

US EMPLOYERS SCALED BACK HIRING IN APRIL. HOW THAT COULD LET THE FED CUT INTEREST RATES

Rep. Thomas Massie, R-Ky., has introduced legislation that seeks to end the Federal Reserve – which has operated as the nation’s central banking system since 1913. (Al Drago/Bloomberg via Getty Images, left, ANDY JACOBSOHN/AFP via Getty Images, bottom right, Brooks Kraft/ Getty Images, top right. )

“Americans are suffering under crippling inflation and the Federal Reserve is to blame,” Massie said in a Thursday statement announcing the bills being introduced.

“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, considered a Libertarian Republican who opposes big government spending, had teased the idea of ending the fed on Wednesday when he asked his followers on X if he should introduce such a bill with the vast majority agreeing.

SEN. ELIZABETH WARREN, PROGRESSIVES URGE FED CHAIR TO LOWER INTEREST RATES

The U.S. Federal Reserve building. The banking system was created in 1913. (REUTERS/Jason Reed)

“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.”

CLICK HERE TO GET THE FOX NEWS APP

U.S. Federal Reserve Chairman Jerome Powell speaking. (ERIC BARADAT/AFP via Getty Images)

There have been several attempts to abolish the Federal Reserve throughout its history. 

The Federal Reserve Board Abolition Act was first introduced by former Rep. Ron Paul, R-Texas, in 1999 and hasn’t been reintroduced since 2013. Paul made the issue central to his previous presidential runs. 

In addition to introducing the “End the Fed” legislation, Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2023, which would audit the Federal Reserve. H.R. 24 was originally introduced by Paul in 2009.