Congressman Proposes a Bill to Terminate Federal Reserve After being Inspired By Bitcoin

As the popularity around Bitcoin grows, a US congressman has proposed a controversial legislation. Thomas Massie, a congressman representing Kentucky's 4th congressional District, recently reintroduced legislation to abolish the Federal Reserve.

Massie says he got inspired to make this move after reading a seminal book on Bitcoin.

The Bill to End the Federal Reserve

The proposed bill, tagged the Federal Reserve Board Abolition Act," is the first move in ten years to abolish the US central banking system. This legislation was first introduced to the 110th Congress on June 15, 2007.

Massie reintroduced the bill in May 2024, which is still undergoing initial reviews in the House of Representatives.

In a June 13 podcast interview with popular author Tom Woods, Massie said the initiative to remove the Feds has received significant support in ten years. According to the congressman, this support has increased tenfold, more than he expected.

In context, the Federal Reserve is the United States central bank. It oversees the country's financial system and ensures a flexible, safe, and stable monetary policy.

The Federal Reserve Board said it is committed to fostering a responsible and save fintech innovation.However, while the Federal Reserve supports a centralized banking and financial system, the Bitcoin and crypto ethos promotes a decentralized framework where everyone has control.

The Ethos of Bitcoin

During the podcast, Congressman Massie said he decided to reintroduce the controversial legislation after listening to an audiobook titled The Bitcoin Standard" by Saifedean Ammous.

Massie explained that the first 80% of the book centers on the global monetary system and its functions.He also noted that the book's author, Ammous, thoroughly explained what money is and how the monetary system works before discussing Bitcoin.

Meanwhile, published in 2018, The Bitcoin Standard asserts that Bitcoin has superior monetary qualities than fiat currencies. One notable quality is its scarcity upheld by its supply cap of 21 million coins compared to fiat currencies with unlimited supply.

Ammous said most economic and social issues, like inflation and reduced household savings, sprouted in 1971 when the US abandoned the gold standard.

Moreover, many consider this abandonment the beginning of the fiat scam, allowing central banks to print money without end.

The End Fed Campaign

Massie's end Fed legislation echoes sentiments that the central bank is responsible for economic issues. It argues that Fed policies unfairly benefit the rich while denying retirees their due savings.

This proposed bill aims to dismantle the Federal Reserve Board and the 12 regional Federal Reserve Banks. This move will upturn the Federal Reserve Act of 1913.

Also, Massie asserts that Fed policies, especially during the global pandemic, caused severe economic instability and inflation. The bill has received support from 21 co-sponsors, mostly Republicans. These include Rep Lauren Boebert, Rep. Matt Gaetz, and Rep. Marjorie Taylor.

Before introducing the bill, Massie conducted a poll on Twitter (now X). Of over 115,000 poll respondents, 86.6% supported the Fed abolition bill.This response shows that many people are unsatisfied with the Federal Reserve's operations.

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