Congressman Thomas Massie has once again pushed to abolish the Federal Reserve, reintroducing the Federal Reserve Board Abolition Act (H.R. 1846). The bill would dissolve the Board of Governors and the 12 regional reserve banks, transferring all assets and liabilities to the U.S. Treasury.
Massie argues that the Fed inflates the economy, harms savers, and lacks full transparency, with too much power concentrated in setting interest rates. He recently stated that it is “absurd that one man determines monetary policy for a ‘free’ country.”
The legislation also aligns with calls to fully audit the Federal Reserve, a long-standing demand from libertarian members of Congress. It provides 12 months to wind down the institution, followed by six months for the Treasury to submit a detailed liquidation report to Congress.
Analysts note that the initiative faces significant hurdles to become law, but it reignites the debate on monetary sovereignty and limits to federal power at a time when U.S. interest rates and inflation are under intense scrutiny.
Source: AP News, Washington Post, Lee.senate.gov
