U.S. Congressman Thomas Massie (Republican from Kentucky) has introduced H.R. 8421, the “Federal Reserve Board Abolition Act,” aimed at dissolving the Federal Reserve Board and closing its branches across the continental U.S.
Massie, influenced by a recent social media poll where a majority of over 115,000 respondents supported ending the Federal Reserve, aims to repeal the 1913 Act that established it. He argues that the Fed’s creation of trillions of dollars during the COVID-19 pandemic led to severe inflation by devaluing the dollar.
This bill, first introduced by Ron Paul in 1999 but not revisited since 2013, proposes a one-year dissolution period with compensation for Fed employees and oversight by the Office of Management and Budget for an orderly liquidation of assets. If passed, this legislation could mark a significant shift in U.S. monetary policy, potentially ending the Federal Reserve’s control over economic decisions.
