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

Rep Massie's house page ^ | 5/16/24 | Rep Thomas Massie

[C210N]

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

Washington, D.C.-, May 16, 2024 For Immediate Release Contact: massie.press@mail.house.gov Contact #: 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.

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

[Chad C. Mulligan]

Mortgage lending (loans to homebuyers) increased the money supply by about $2T.

Are you saying that the gross amount of mortgage loans increased by $2T last year? Seems incredible. Where did the money come from?

Could only happen if the money became available to loan because of the reserve ratio having been lowered to zero. Prior to that it was in the banks' reserves.

[Texas Fossil]

Larry Fink and Blackrock are in total control of the Fed.

How BlackRock Conquered the World (Sep 19, 2023)
https://www.corbettreport.com/blackrock/

[Chad C. Mulligan]

Without their assistance, the government wouldn't be able to borrow as much (create as much money).

Maybe you know of something in the Fed's charter that lets them refuse to buy Treasuries at will? The Fit would hit the Shan if they did!

[Chad C. Mulligan]

An increase in the supply of money creates inflation.

An increase in the money supply over and above an increase in productivity IS inflation. (Price increases are merely a symptom.)

I'm still trying to figure out your theory. I think you must believe that banks don't loan money out to the limit of their reserve ratio. But since loans are their prime revenue source, it would be nuts for them not to. Then here you are claiming that they suddenly accomplished massive increases in their loan portfolios to "create inflation". Only way that can come about is the release of money from their reserves. (Unless the tooth fairy left them trainloads of quarters under their pillows.......)

[Toddsterpatriot]

It is created by banks having $100M in deposits and making $1B in loans against it.

Every loan is fully funded. If a bank has $100M in deposits it can lend, at most, $100M.

[nitzy]

Then what is fractional reserve banking?

[Toddsterpatriot]

Fractional reserve banking is when a bank takes $100 in deposits, loans out $90 and keeps $10 in reserve.