GOP Legislators Rally Behind ‘Federal Reserve Board Abolition Act’

A coalition of House Republicans, led by Rep. Thomas Massie of Kentucky, has introduced a bold measure aimed at dismantling the Federal Reserve System, signaling a renewed push to overhaul the nation’s monetary policy.

The legislation, dubbed the “Federal Reserve Board Abolition Act,” proposes the elimination of both the Board of Governors of the Federal Reserve System and all Federal reserve banks, while also repealing the Federal Reserve Act.

Massie, in a press release, attributed the move to what he sees as the Federal Reserve’s role in exacerbating inflation and economic instability. He criticized the central bank’s response to the COVID-19 pandemic, accusing it of flooding the economy with excess liquidity, thereby devaluing the dollar and fueling inflation.

“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Massie asserted. “If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.”

The bill has garnered support from a cadre of Republican lawmakers, including Reps. Andy Biggs (R-AZ), Lauren Boebert (R-CO), Josh Brecheen (R-OK), Tim Burchett (R-TN), Eric Burlison (R-MO), Kat Cammack (R-FL), Michael Cloud (R-TX), Eli Crane (R-AZ), Jeff Duncan (R-SC), Matt Gaetz (R-FL), Bob Good (R-VA), Paul Gosar (R-AZ), Marjorie Taylor Greene (R-GA), Harriet Hageman (R-WY), Ralph Norman (R-SC), Scott Perry (R-PA), Chip Roy (R-TX), Keith Self (R-TX), Victoria Spartz (R-IN) and Tom Tiffany (R-WI).

These legislators echo Massie’s concerns over the Federal Reserve’s monetary policies and its alleged adverse effects on the economy, particularly for retirees and savers.

“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,” the press release noted, underscoring the historical significance of the proposed legislation.

Indeed, former Rep. Ron Paul, a longtime critic of the Federal Reserve, has championed similar measures in the past, with the bill seeing intermittent reintroductions over the years.

As the debate over the Federal Reserve’s role and efficacy continues to intensify, Massie and his allies are positioning themselves at the forefront of efforts to reshape the nation’s monetary policy landscape, signaling a potentially seismic shift in the way the United States manages its currency and finances.