In a dramatic challenge to the core of America’s financial architecture, Kentucky Representative Thomas Massie has introduced a radical bill that seeks the total dissolution of the Federal Reserve. Known formally as the “Federal Reserve Board Abolition Act,” or informally among its supporters as “End the Fed,” the legislation proposes dismantling the institution’s board and banks, effectively repealing the Federal Reserve Act of 1913 that established it.
Since its establishment, the Federal Reserve has been at the helm of the U.S. monetary system, with broad responsibilities ranging from stabilizing prices to managing employment levels and interest rates. However, Rep. Massie’s bill argues that the time has come for it to be retired, blaming the Fed for exacerbating recent economic hardships, including record inflation levels.
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THE other half of this story is that Democrat President Woodrow Wilson signed off on the bill and regretted it. ONLY AN ELECTED CONGRESS should navigate the U.S. ECONOMY via THE PEOPLE.