Well, it's about time that somebody started this again. If the money system were under the Treasury rather than the Federal Reserve Bank, every time the treasury printed new money, it would simply be a creation of new money rather than an addition to the National Debt.
Because of the unconscionable way the Fed works, the National Debt should be what they owe us rather than what we owe them. At least this will get the Debt cancelled.
See also,
Thomas Massie Said 'No.' - https://ronpaulinstitute.org/thomas-massie-said-no/.I JUST INTRODUCED "END THE FED" - Rep. Thomas Massie
https://www.rumormillnews.com/cgi-bin/forum.cgi?read=240515Press Releases
Rep. Massie Introduces Federal Reserve Board Abolition Act to "End the Fed"
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Washington, D.C.-, May 16, 2024
For Immediate Release
Contact:
massie.press@mail.house.govContact #: 202-225-3465
WASHINGTON, D.C.- Representative Thomas Massie (R-KY) announces the introduction of H.R. 8421, the Federal Reserve Board Abolition Act. Rep. Massie's legislation abolishes the Board of Governors of the Federal Reserve and the Federal Reserve banks. It also repeals the Federal Reserve Act, the 1913 law that created the Federal Reserve System.
"Americans are suffering under crippling inflation, and the Federal Reserve is to blame," said Rep. Massie. "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 the high inflation we see today."
"Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street," Rep. 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."
The text of Rep. Massie's H.R. 8421 is available at this link.
Original cosponsors of Rep. Massie's legislation include Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Josh Brecheen (R-OK), Rep. Tim Burchett (R-TN), Rep. Eric Burlison (R-MO), Rep. Kat Cammack (R-FL), Rep. Michael Cloud (R-TX), Rep. Eli Crane (R-AZ), Rep. Jeff Duncan (R-SC), Rep. Matt Gaetz (R-FL), Rep. Bob Good (R-VA), Rep. Paul Gosar (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Harriet Hageman (R-WY), Rep. Ralph Norman (R-SC), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX), Rep. Keith Self (R-TX), Rep. Victoria Spartz (R-IN) and Rep. Tom Tiffany (R-WI).
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.
https://twitter.com/RepThomasMassie/status/1791216728728346721https://massie.house.gov/news/documentsingle.aspx?DocumentID=395644***This is quite awesome!...today has been a really good day!!!
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