Congressman Proposes Bill To End Federal Reserve After Being Inspired By Bitcoin

As Bitcoin’s popularity rises, a US congressman has proposed controversial legislation. Thomas Massie, Congressman representing the 4th Congressional District, recently reintroduced legislation to abolish the Federal Reserve.

Massie says he was inspired to make this decision after reading a seminal book on Bitcoin.

The bill to end the Federal Reserve

The proposed bill, titled the Federal Reserve Board Abolition Act, is the first measure in ten years to abolish the U.S. central banking system. This legislation was the first introduced at 110th Congress on June 15, 2007.

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

In a podcast from June 13 interview Along with popular author Tom Woods, Massie said the initiative to abolish the federal government has received significant support in ten years. According to the MP, this support has increased tenfold, more than expected.

In context, the Federal Reserve is the central bank of the United States. It supervises the country’s financial system and guarantees a flexible, secure and stable monetary policy.

The Federal Reserve said it is committed to responsible and respectful fintech innovation. However, while the Federal Reserve supports a centralized banking and financial system, the Bitcoin and crypto philosophy promotes a decentralized framework where everyone is in control.

The Philosophy 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 focuses on the global monetary system and its functions. He also noted that the book’s author, Ammous, explained in detail what money is and how the monetary system works before discussing Bitcoin.

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

Ammous explained that most economic and social problems, such as inflation and reduced household savings, arose in 1971, when the United States abandoned the gold standard.

Additionally, many view this abandonment as the beginning of the fiat scam, allowing central banks to print money endlessly.

The campaign to end the Fed

Massie’s decision to end the Fed’s legislation echoes the sentiment that the central bank is to blame for economic problems. He argues that the Fed’s policies unfairly benefit the wealthy while denying retirees the savings they are owed.

This bill seeks to dismantle the Federal Reserve Board and the 12 regional Federal Reserve banks. This decision will upend the Federal Reserve Act of 1913.

Massie also claims that the Fed’s policies, particularly during the global pandemic, have caused severe economic instability and high inflation. The bill received support from 21 co-sponsors, most of them Republicans. These include Rep. Lauren Boebert, Rep. Matt Gaetz, and Rep. Marjorie Taylor.

Before introducing the bill, Massie conducted a survey on Twitter (now X). Of more than 115,000 respondents, 86.6% supported the Fed’s abolitionist bill. This response shows that many people are unhappy with the operations of the Federal Reserve.