Thomas Massie reintroduces End the Fed bill

[pmbug]

WASHINGTON, D.C.- Representative Thomas Massie (R-KY) announces the introduction of H.R. 8421, the Federal Reserve Board Abolition Act. Rep. Massie's legislation abolishes the Board of Governors of the Federal Reserve and the Federal Reserve banks. It also repeals the Federal Reserve Act, the 1913 law that created the Federal Reserve System.

"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."

"Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street," Rep. Massie continued. "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."

The text of Rep. Massie's H.R. 8421 is available at this link.

Original cosponsors of Rep. Massie's legislation include Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Josh Brecheen (R-OK), Rep. Tim Burchett (R-TN), Rep. Eric Burlison (R-MO), Rep. Kat Cammack (R-FL), Rep. Michael Cloud (R-TX), Rep. Eli Crane (R-AZ), Rep. Jeff Duncan (R-SC), Rep. Matt Gaetz (R-FL), Rep. Bob Good (R-VA), Rep. Paul Gosar (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Harriet Hageman (R-WY), Rep. Ralph Norman (R-SC), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX), Rep. Keith Self (R-TX), Rep. Victoria Spartz (R-IN) and Rep. Tom Tiffany (R-WI).

The Federal Reserve Board Abolition Act was first introduced by former Representative Ron Paul (R-TX) in 1999 and hasn't been reintroduced since 2013.

In addition to introducing this legislation to "End the Fed," Rep. Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2023 to audit the Federal Reserve. H.R. 24 was originally introduced by former Representative Ron Paul (R-TX) in 2009.

Rep. Massie Introduces Federal Reserve Board Abolition Act to "End the Fed"

massie.house.gov

 

[Goldhedge]

They'll table it and it will disappear in committees....

 

[searcher]

End the Fed…and Replace It with What?

Rep. Thomas Massie’s bill, the Federal Reserve Board Abolition Act (HR 8421), directs the Fed to transfer its assets to the U.S. Treasury Department and thereafter cease operations.

goldseek.com

 

[Joe King]

As much as I dislike the Federal Reserve, ended the fed and giving Congress the power of money creation, seems like a really bad idea.

 

[pmbug]

That's why I prefer a more practical solution:

Gold As Unpegged Legal Tender

Gold As Unpegged Legal Tender We need to level the currency playing field to enforce a practical, market based boundary on irresponsible monetary and fiscal policy. Poor System Design Our Founding Fathers understood the problems with fiat money and monetary debasement. They attempted to...

www.pmbug.com

 

[pmbug]

Sen. Mike Lee introduces companion bill in the Senate:

Senator Mike Lee (R-UT) introduced the Federal Reserve Board Abolition Act, legislation that 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. Representative Thomas Massie (R-KY) leads the companion bill in the House of Representatives.

"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."

"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."

Breaking the Bank: Sen. Lee Introduces Bill to Abolish the Federal Reserve

WASHINGTON – Senator Mike Lee (R-UT) introduced the Federal Reserve Board Abolition Act, legislation that 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. Representative Thomas...

www.lee.senate.gov

 

[pmbug]

 

[pmbug]

* bump *

Thomas Massie reintroduced the End the Fed bill back in May.

Thomas Massie endorsed Trump:



Back in January (when he was in the primary campaign) Vivek Ramaswamy talked a good game on neutering the Fed.

JD Vance now says he's coming around on the Fed:



RFK Jr. says Trump is privately funding his transition team has already started 3 months early with no corporate lobbyists. He claims Trump learned his lesson about appointing swamp creatures last time around and won't be repeating that mistake - he's serious about draining the swamp this time.

Is the transition team realizing that the Fed is the fountain that feeds the swamp? Is Massie's endorsement for Trump a potential sign of quid pro quo support for the End the Fed bill?

Will Trump try re-appointing Judy Shelton to the Fed board again?

 

[pmbug]

Former U.S. Congressman Dr. Ron Paul doubled down on his long-standing call for the abolition of the Federal Reserve, arguing that the institution is unconstitutional, illegal, and detrimental to the U.S. economy, which is already showing significant cracks.

In an interview with Kitco News, Paul stressed the urgency of addressing the Fed's unchecked power and its impact on the dollar's value.

"The whole system is illegal and unconstitutional," Paul told Kitco News anchor Jeremy Szafron, expressing concern over Fed Chair Jerome Powell's assertion that the president cannot fire him. Paul found it ironic that Powell would invoke the law to defend his position while simultaneously overseeing an institution that Paul considers fundamentally unlawful.
...

Is the U.S. economy on the brink? The Fed is 'illegal' & there are 'cracks in the empire,' gold price to quadruple if this happens, says Ron Paul

The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.

www.kitco.com

 

[nickndfl]

How about this? If the FED continues they must all wear dresses.

 

[Fatrat]

Gold standard comeback please with 90% silver coins bac in circulation...

 

[searcher]

Roadmap to Ending the Fed, 'It Can Be Done' Says Ron Paul​

Dec 27, 2024 Commodity Culture

Ron Paul has been a staunch advocate of sound money, fiscal responsibility, and putting an end to the Federal Reserve banking system for his whole political career, and he lays out a roadmap for how to put an end to the Fed, once and for all. Dr. Paul also gives his take on DOGE and its chances of success, the possibility of America returning to a gold standard, and much more.


30:03

 

[pmbug]

I love Ron, but listening to him struggle to express his thoughts in that video shows that age is getting the better of him these days. Fortunately, we have an immense record of his his speeches, thoughts and writings and they really haven't changed much over the years.