Rep. Thomas Massie wants to abolish the Federal Reserve blaming it for inflation and proposing legislation supported by fellow Republicans to dismantle the central bank.
Rep. Thomas Massie Leads Republican Effort to Abolish Federal Reserve Amid Concerns Over Inflation and Government Spending
According to the published article on Fox News, Rep. Thomas Massie a Republican from Kentucky wants to get rid of the Federal Reserve, the bank that’s been around for more than 100 years. Rep. Thomas Massie’s bill, called H.R. 8421, the Federal Reserve Board Abolition Act would shut down the Federal Reserve and take away the laws that created it in 1913. Rep. Thomas Massie thinks the Federal Reserve is making things worse by causing prices to go up and making money worth less.
This move comes because people are worried about inflation and how much money the government is spending, especially during the COVID-19 pandemic. Rep. Thomas Massie says the Federal Reserve is to blame for spending too much money by making new money and making the money we have worth less. Other Republicans like Rep. Andy Biggs and Rep. Matt Gaetz support Rep. Thomas Massie’s bill. Rep. Thomas Massie also has another bill, H.R. 24, the Federal Reserve Transparency Act of 2023 which he hopes will help check what the Federal Reserve is doing.
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77% of Americans Concerned About Inflation: Rep. Thomas Massie Introduces Legislation to Abolish the Federal Reserve – 100-Year-Old Institution! (PHOTO: The Hill)
Rep. Thomas Massie‘s Bid to Abolish Federal Reserve Echoes Ron Paul’s Past Advocacy, Highlighting Challenges in Overhauling Monetary Policy
Furthermore, trying to get rid of the Federal Reserve isn’t new. A former Republican Ron Paul, talked a lot about it when he ran for president. But it’s hard to make big changes like this happen. Rep. Thomas Massie’s bill is part of a bigger push to look into what the Federal Reserve is doing and try to control government spending better. But it’s still not clear if his plan will work or if the Federal Reserve will stick around.
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