Rep. Thomas Massie, R-Ky., has introduced legislation that seeks to end the Federal Reserve – which has operated as the nation’s central banking system since it was created more than 110 years ago. H.R. 8421, the Federal Reserve Board Abolition Act, abolishes the Board of Governors of the Federal Reserve and its banks. It also repeals the Federal Reserve Act, the 1913 law that created the Federal Reserve System.
Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, big banks, and Wall Street,' Massie added. '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.