On Thursday, Rep. Thomas Massie (R-Ky.) introduced a bill aimed at abolishing the Federal Reserve, following a poll of his followers on X, formerly Twitter.
What Happened: The Kentucky Republican announced the introduction of the “End the Fed” bill, officially known as the Federal Reserve Board Abolition Act, HR 8421. Massie stated, “Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation.”
Prior to this announcement, Massie had conducted a poll among his nearly 780,000 followers on whether he should propose a bill to abolish the Federal Reserve. At the conclusion of the poll, an overwhelming 86.6% of Massie’s nearly 115,000 voters said the wanted to “End the Fed” while 2.8% voted in favor of keeping the institution intact.
Why It Matters: The Federal Reserve Board Abolition Act, aims to dismantle the Federal Reserve System by abolishing its Board of Governors and banks, and repealing the 1913 Federal Reserve Act. Highlighting the impact of the Fed’s policies, Massie stated, “Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” according to a statement seen by Benzinga.
The introduction of this bill follows a period of heightened concern about inflation in the United States. In April, U.S. inflation data came in line with analyst estimates, breaking a three-month streak of higher-than-expected readings. This reignited hopes for a return to the Federal Reserve's 2% inflation target. However, Massie’s bill suggests a more drastic approach to addressing these economic concerns.
Notably, Massie aligned with Rep. Marjorie Taylor Greene (R-Ga.) in her efforts to unseat House Speaker Mike Johnson (R-La.) recently.
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