SLC Times

WASHINGTON – Senator Mike Lee (R-UT) introduced the Federal Reserve Board Abolition Act on June 6, 2024. The legislation seeks to dissolve the Board of Governors of the Federal Reserve System and the Federal Reserve banks, as well as repeal the 1913 Federal Reserve Act that established the system. Representative Thomas Massie (R-KY) is leading the companion bill in the House of Representatives.

"The Federal Reserve has overstepped and repeatedly failed to achieve its mandate and become an economic manipulator that has directly contributed to the financial instability many Americans face today," said Sen. Lee. "This legislation aims to protect our economic future by dismantling a system that enables unchecked government spending, the monetization of federal debt that fuels it, and widespread economic disruption. It’s time to end the Fed."

"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."

For bill text, click HERE.