SLC Times

Senator Mike Lee of Utah and Representative Thomas Massie of Kentucky have introduced a new bill aimed at dismantling the United States Federal Reserve. The proposed legislation, named the Federal Reserve Board Abolition Act, seeks to dissolve the Federal Reserve and transfer its assets and liabilities to the Department of the Treasury.

Senator Lee expressed concerns over the Federal Reserve's role in economic instability, stating, "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." He emphasized the need to "protect our economic future" by ending what he described as "the monetization of federal debt that fuels unchecked federal spending."

Representative Massie echoed these sentiments, attributing high inflation rates to actions taken by the Federal Reserve. He commented, "Americans have suffered under crippling inflation, and the Federal Reserve is to blame." He criticized the creation of trillions of dollars during COVID-19, which he claims enabled unprecedented deficit spending. Massie continued his critique by stating that monetizing debt involves coordination between various entities including "the Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street," which he believes ultimately harms retirees while benefiting wealthier groups.

Massie concluded that if reducing inflation is a priority, then ending the Federal Reserve should be considered "the most effective policy."