One federal government entity that not many people think of when contemplating the power structure in Washington D.C. is the Federal Reserve. But, in recent years, the number of people in the dark about “the Fed” has been shrinking, and the resulting aftermath has been increasing criticism of the perceived influence they have over our way of life.
On Thursday, Sen. Mike Lee (R-Utah) introduced legislation in the Senate and Rep. Thomas Massie (R-Ky.) introduced legislation in the House to abolish the Federal Reserve.
The bill, titled the “Federal Reserve Board Abolition Act,” “would dissolve the Board of Governors of the Federal Reserve System and the Federal Reserve banks and repeal the 1913 Federal Reserve Act, which established the System,” according to Lee’s Senate website.
Both Lee and Massie posted statement on the legislation, of which Massie’s House version is classified as a “companion bill.”
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“The Federal Reserve has overstepped and repeatedly failed to achieve its mandate and become an economic manipulator that has directly contributed to the financial instability many Americans face today," said Sen. Lee. "This legislation aims to protect our economic future by dismantling a system that enables unchecked government spending, the monetization of federal debt that fuels it, and widespread economic disruption. It’s time to end the Fed.”
Massie echoed Lee’s sentiment, going so far as to lay the blame of the country’s economic issues directly at the feet of the Fed.
"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.”
For further context, the bill states that the Fed will be given a one year period to wind down its affairs and bookkeeping should the legislation pass.
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