{"id":2880,"date":"2024-05-17T02:50:23","date_gmt":"2024-05-17T02:50:23","guid":{"rendered":"https:\/\/findbullionprices.com\/blog\/?p=2880"},"modified":"2024-05-20T11:05:49","modified_gmt":"2024-05-20T11:05:49","slug":"congressman-introduces-legislation-to-abolish-the-federal-reserve","status":"publish","type":"post","link":"https:\/\/findbullionprices.com\/blog\/congressman-introduces-legislation-to-abolish-the-federal-reserve\/","title":{"rendered":"Congressman Introduces Legislation to Abolish the Federal Reserve"},"content":{"rendered":"\n<p>Representative Thomas Massie of West Virginia announced the introduction of a new bill,&nbsp;<em>Federal Reserve Board Abolition Act<\/em> (H.R. 8421) to repeal the Federal Reserve Act of 1913, which would put an end to the Federal Reserve. <\/p>\n\n\n\n<figure class=\"wp-block-embed alignleft is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">I just introduced \u201cEnd the Fed\u201d<br>\u00a0<br>Title: Federal Reserve Board Abolition Act, HR 8421<br><br>Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation.<a href=\"https:\/\/t.co\/JWSaCssAJB\">https:\/\/t.co\/JWSaCssAJB<\/a> <a href=\"https:\/\/t.co\/z8IDQ139Yc\">pic.twitter.com\/z8IDQ139Yc<\/a><\/p>&mdash; Thomas Massie (@RepThomasMassie) <a href=\"https:\/\/twitter.com\/RepThomasMassie\/status\/1791216728728346721?ref_src=twsrc%5Etfw\">May 16, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>In a press release linked from his post on X, formerly Twitter, Massie blames the Federal Reserve for creating the current economic crisis consisting of record high inflation, compounded with ongoing high interest rates. <\/p>\n\n\n\n<p>&#8220;Americans are suffering under crippling inflation, and the Federal Reserve is&nbsp;to blame,&#8221; said&nbsp;<strong>Rep. Massie<\/strong>. &#8220;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.&nbsp;By&nbsp;monetizing&nbsp;the debt, the Federal Reserve&nbsp;devalued&nbsp;the dollar and enabled free money policies that caused the high inflation we see today.&#8221;<\/p>\n\n\n\n<p>&#8220;Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big&nbsp;Banks, and Wall Street,&#8221;&nbsp;<strong>Rep. Massie<\/strong>&nbsp;continued. &#8220;Through this process, retirees see their savings evaporate due to the actions of a central bank&nbsp;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.&#8221;<\/p>\n\n\n\n<p>The bill includes a list of twenty co-sponsors.<\/p>\n\n\n\n<p>The day before, Massie ran a poll on his X.com account, asking his followers &#8220;Should I introduce a bill to abolish the Federal Reserve?&#8221;. With more than 100,000 respondents, the results shows more than 86.6% of poll respondents choosing in favor of Ending the Fed.<\/p>\n\n\n\n<figure class=\"wp-block-embed alignright is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Should I introduce a bill to abolish the Federal Reserve?<\/p>&mdash; Thomas Massie (@RepThomasMassie) <a href=\"https:\/\/twitter.com\/RepThomasMassie\/status\/1790717269162561600?ref_src=twsrc%5Etfw\">May 15, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>In 2023, Massie re-introduced the <a href=\"https:\/\/www.congress.gov\/bill\/118th-congress\/house-bill\/24\/text?s=1&amp;r=64\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve Transparency Act<\/a>, which is intended to audit the Federal Reserve, which is a semi-public, semi-private organization that manages the country&#8217;s financial and banking system. The audit the Fed bill was originally introduced by former Representative Ron Paul (R-TX) in 2009.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.bbc.com\/news\/business-35079495\" target=\"_blank\" rel=\"noreferrer noopener\">Polling in 2013 showed<\/a> that 74% of Americans support auditing the Federal Reserve, including it&#8217;s decisions and financing.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/findbullionprices.com\/blog\/what-is-the-federal-reserve\/\">Federal Reserve was established<\/a> following the passing of Federal Reserve Act of 1913 on December 23, 1913 while most of Congress was already away for the Christmas and New Year&#8217;s holiday. President Woodrow Wilson signed the bill into law on the same day.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Creation of the Federal Reserve<\/h2>\n\n\n\n<p>Following a series of banking crises and bank runs that happened during the late 19th and early 20th centuries caused by a fragmented banking system, a group of bankers and politicians <a href=\"https:\/\/www.federalreservehistory.org\/essays\/jekyll-island-conference\" target=\"_blank\" rel=\"noreferrer noopener\">held a secret meeting at Jekyll Island, Georgia i<\/a>n 1910 to devise the plan to force a central banking system on the populace.<\/p>\n\n\n\n<p>Citizens at the time were skeptical and very much against the creation of a central bank. The United States had previous attempted to implement a central bank twice. <\/p>\n\n\n\n<p>The first Bank of the United States was in place from 1791-1811 and the second Bank of the United States from 1816 until 1836. Each lasting only 20 years, President Andrew Jackson, who opposed <a href=\"https:\/\/www.bbc.com\/news\/business-35079495\" target=\"_blank\" rel=\"noreferrer noopener\">renewing the charter<\/a> of the second US central bank, famously referred to it as &#8220;a den of vipers and thieves&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Representative Thomas Massie of West Virginia announced the introduction of a new bill,\u00a0Federal Reserve Board Abolition Act (H.R. 8421)<\/p>\n","protected":false},"author":1,"featured_media":2881,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[616,545],"tags":[843,591],"class_list":["post-2880","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-federal-reserve","category-news","tag-endthefed","tag-federal-reserve"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Congressman Introduces Legislation to Abolish the Federal Reserve - 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