🇺🇸 Congressman Thomas Massie calls to end the Federal Reserve.
Congressman Thomas Massie has indeed called for the abolition of the Federal Reserve.
Massie introduced H.R. 8421, the Federal Reserve Board Abolition Act, aiming to dismantle the US central banking system by abolishing the Board of Governors and the Federal Reserve banks, and repealing the Federal Reserve Act of 1913.
Massie blames the Federal Reserve for crippling inflation, citing its actions during the COVID-19 pandemic, where it created trillions of dollars and loaned it to the Treasury Department, devaluing the dollar and fueling inflation.
The bill has garnered support from over 20 congressmen, including Representatives Andy Biggs, Lauren Boebert, and Marjorie Taylor Greene. Notably, 86% of over 115,000 voters in a Twitter poll supported abolishing the Fed.
The bill is likely to face fierce bipartisan opposition, as many lawmakers view the Federal Reserve as essential for managing the nation's economy.
This isn't the first time a bill to abolish the Federal Reserve has been introduced. Former Representative Ron Paul introduced similar legislation in 1999 and 2013, which didn't pass.
Massie's proposal has sparked controversy, particularly among cryptocurrency advocates, who see the Federal Reserve's control over the money supply as a concern. Some argue that abolishing the Fed could pave the way for decentralized alternatives like Bitcoin.$BTC