Republican Utah Sen. Mike Lee and Kentucky Rep. Thomas Massie will reintroduce legislation Wednesday afternoon to abolish the Federal Reserve.
The bill, titled the Federal Reserve Board Abolition Act, would dissolve the Board of Governors of the Federal Reserve System and each Federal Reserve bank with a one-year timeframe. The bill would also repeal the 1913-era legislation that created the central bank to oversee U.S. monetary policy, according to the bill text shared exclusively with the Daily Caller News Foundation.
The congressional Republicans’ reintroduction of legislation to abolish the central bank comes after President Donald Trump has repeatedly floated exerting more authority over the Federal Reserve and the its monetary policy decisions. The president signed an executive order on Feb. 18 to expand his authority over so-called independent agencies but notably exempted the Fed and its authority to set monetary policy and interest rates without presidential oversight.
“[P]revious administrations have allowed so-called ‘independent regulatory agencies’ to operate with minimal Presidential supervision,” Trump wrote in the executive order.
Lee and Massie have consistently advocated for ending the independence of the Federal Reserve, citing their belief that the central bank has mismanaged monetary policy and contributed to inflation. Elon Musk has notably backed their efforts.
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Trump repeatedly clashed with Federal Reserve chair Jerome Powell during his first administration. The president criticized Powell for failing to “beat” inflation after the central bank chose not to cut interest rates on Jan. 29.
“The Federal Reserve has not only failed to achieve its mandate, it has become an economic manipulator, directly contributing to the financial instability many Americans face today,” Lee told the DCNF. “We need to protect our economic future, end the monetization of federal debt that fuels unchecked federal spending, and put American money on solid ground. We need to End the Fed.”
“Americans have suffered under crippling inflation, and the Federal Reserve is to blame,” Massie told the DCNF. “During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused high inflation.”
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“Monetizing debt is a closely coordinated effort between the Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” Massie continued. “Through this process, retirees see their savings evaporate due to the actions of a central bank pursuing inflationary policies that benefit the wealthy and connected. If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.”
Lee and Massie previously introduced the legislation during the 118th Congress in June 2024, but neither bill advanced in the House or Senate.
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First published by the Daily Caller News Foundation.
