Rep. Massie Introduces Federal Reserve Board Abolition Act to "End the Fed"

[Matt Collins]

Rep. Massie Introduces Federal Reserve Board Abolition Act to "End the Fed"​

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[TR]
[TD]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.


In addition to introducing this legislation to "End the Fed," Rep. Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2023 to audit the Federal Reserve. H.R. 24 was originally introduced by former Representative Ron Paul (R-TX) in 2009.[/TD]
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[Occam's Banana]

THREAD: Thomas Massie to attend Libertarian Party National Convention May 24th

h/t Brian4Liberty @ President Trump to Address Libertarian Party Concerns at National Convention May 25th

https://twitter.com/LPNational/status/1791177940706939131
{Libertarian Party @LPNational | 16 May 2024}

[emphasis in the original - OB]

Congressman Thomas Massie to Host “Walking Meet and Greet” at Libertarian Convention Following Introduction of His END THE FED Bill Friday, May 24th

Washington DC, May 16th, 2024 — The Libertarian Party will host Congressman Thomas Massie at the Libertarian Convention Friday, May 24th, for a “walking meet and greet” with convention attendees. Representative Massie will join the collection of free minds and markets, following the introduction of his momentous bill to End the Fed, which will be delivered to the floor of the House that morning.

“Thomas Massie’s commitment to pushing libertarian policies in congress is unmatched by anyone else in office right now. We deeply appreciate him and we’re excited he’s coming to visit us.”

Congressman Massie will arrive at the convention sometime after lunch on Friday, depending on the timing of the End the Fed bill’s introduction on Capitol Hill.

The theme for the 2024 Libertarian National Convention is “Become Ungovernable.” This was chosen following the previous years of unconscionable authoritarian actions by the United States Federal, and State governments, which saw citizens confined, indoctrinated, lied to, and inoculated against their will. The citizens of these United States must become ungovernable to regain their basic rights and freedoms.

 

[Occam's Banana]

https://x.com/RepThomasMassie/status/1791216728728346721
[link: https://massie.house.gov/news/documentsingle.aspx?DocumentID=395644]

 

[Occam's Banana]

https://x.com/RepThomasMassie/status/1791216728728346721
[link: https://massie.house.gov/news/documentsingle.aspx?DocumentID=395644]

https://x.com/Chesschick01/status/1791403285921804426
[https://x.com/davidhogg111/status/1791266750534758460]

 

[jkr]

never been a better time

 

[jkr]

read a book?

hahahah
read the constitution mfkr

 

[Voluntarist]

Doing the same things and expecting different results.


I could see it if it were part of some enormous, concerted effort to educate the public; but it's not. I don't see it making it to the House floor for a vote, much less passing to go on to the Senate. And if it makes it to the Senate, it's Dead On Arrival. And if it did actually make it to the President's desk, then Biden would veto it ... and there's absolutely no way it'd garner a veto-proof majority on the rebound. So, what's the point?

 

[acptulsa]

 

[Occam's Banana]

Doing the same things and expecting different results.

I could see it if it were part of some enormous, concerted effort to educate the public; but it's not.

The fact that we and many others are talking about it suggests otherwise.

https://x.com/QuakerCatholic/status/1791274758308332028

​

I don't see it making it to the House floor for a vote, much less passing to go on to the Senate. And if it makes it to the Senate, it's Dead On Arrival. And if it did actually make it to the President's desk, then Biden would veto it ... and there's absolutely no way it'd garner a veto-proof majority on the rebound. So, what's the point?

At the very least, the point is to promote the social credibility of (and expand social currency for) the idea - and a sitting House Rep. is at least as good for that purpose as us random schmucks on the Internet (see also: Paul, Ron, career of). The Fed will never be Ended unless and until enough of the right people in the right places adopt and support the idea.

Thus, regardless of whether any particular one of them succeeds or not, efforts such as Massie's are a necessary (though not necessarily sufficient) condition for Ending the Fed (again, see: Paul, Ron, career of). For example, marijuana would never have been legalized/decriminalized/whatever to the extent it has without all the failed attempts that came before. Consider what would have happened - or rather, what would not have happened - if the advocates of such policies had not persevered through their many failures and had instead just thrown up their hands and wailed "what's the point?".

In other words (and with apologies to William Lloyd Garrison):

"Urge immediate abolition as earnestly as we may, it will, alas! be gradual abolition in the end. We have never said that slavery would be overthrown the Fed would be Ended by a single blow; that it ought to be, we shall always contend."
​

 

[Occam's Banana]

At the very least, the point is to promote the social credibility of (and expand social currency for) the idea - and a sitting House Rep. is at least as good for that purpose as us random schmucks on the Internet (see also: Paul, Ron, career of). [...] Thus, regardless of whether any particular one of them succeeds or not, efforts such as Massie's are a necessary (though not necessarily sufficient) condition for Ending the Fed [...]

https://x.com/RepThomasMassie/status/1792337212928868781
to: https://x.com/RepThomasMassie/status/1792337218721448439

 

[Occam's Banana]

Would Ending the Fed Cause a Depression?
https://odysee.com/@mises:1/would-ending-the-fed-cause-a-depression:d
{Mises Media | 01 June 2024}

Jonathan Newman returns to help Bob dissect a Twitter thread melting down about Rep. Massie's new bill to End the Fed.

The X thread discussing the "End the Fed Bill": https://Mises.org/HAP450a

Selgin, Lastrapes, and White, "Has the Fed Been a Failure?": https://Mises.org/HAP450b

Bob's Article, "Putting the Country Back on Gold": https://Mises.org/HAP450c

 

[ClaytonB]