🚨 END THE FED: US Congressman Exposes the Fed and Introduces a Bill to Abolish It

Summary

Congressman Thomas Massie has introduced the Federal Reserve Board Abolition Act (H.R. 8421), aiming to dismantle the Federal Reserve System, which he blames for devaluing the dollar and causing inflation. The bill seeks to repeal the Federal Reserve Act and liquidate the Board of Governors and Federal Reserve Banks, with assets returned to the Treasury and liabilities transferred to it. Massie argues that the central bank has led to wealth inequality and economic instability, echoing former Rep. Ron Paul's stance. The legislation has gained some Republican support but faces an uphill battle for broader acceptance.

Takeaways

• 🇺🇸 Thomas Massie, a Republican Congressman from Kentucky, has introduced a bill titled 'Federal Reserve Board Abolition Act' (Bill 8421).
• 📚 The bill aims to abolish the Board of Governors of the Federal Reserve and the Federal Reserve Banks, and repeal the Federal Reserve Act of 1913.
• 💡 Massie argues that Americans would be better off without the Federal Reserve, which he blames for devaluing the currency and causing inflation through debt monetization.
• 🔄 The bill was previously introduced by former Representative Ron Paul in 1999 and has not gained significant traction since 2013.
• 💸 Massie claims the Federal Reserve has enabled deficit spending by creating trillions of dollars and loaning it to the Treasury Department, leading to inflationary policies.
• 👴 Retirees are particularly affected by the central bank's policies as their savings are eroded due to inflation.
• 🏦 The process of monetizing debt is said to be a coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, big banks, and Wall Street.
• 📉 Massie has also introduced the 'Federal Reserve Transparency Act of 2023', which calls for an audit of the Federal Reserve.
• 📖 Former President Woodrow Wilson, who signed the Federal Reserve Act into law, allegedly expressed regret, stating he had 'unwittingly ruined' his country.
• 📋 The new bill proposes that all assets of the Federal Reserve be liquidated and funds returned to the Treasury, with liabilities becoming the responsibility of the Treasury.
• 🗳️ The Federal Reserve would be required to report directly to Congress on its progress in liquidation under the proposed legislation.

Q & A

Who introduced the Federal Reserve Board Abolition Act (H.R. 8421)?

Thomas Massie, a Republican Congressman from Kentucky.

What is the official title of the bill introduced by Thomas Massie?

The official title is the Federal Reserve Board Abolition Act.

What does Thomas Massie believe about the Federal Reserve's impact on Americans?

Massie believes that Americans would be better off if the Federal Reserve did not exist, as it devalues the currency by monetizing the debt and causing inflation.

What does the Federal Reserve Board Abolition Act propose to do?

The legislation proposes to abolish the Board of Governors of the Federal Reserve and the Federal Reserve Banks, and repeal the Federal Reserve Act, which created the Federal Reserve System in 1913.

Who first introduced a bill to abolish the Federal Reserve, and when was it introduced?

Former Representative Ron Paul, a Republican from Texas, first introduced the Federal Reserve Board Abolition Act in 1999.

What is the connection between the Federal Reserve and inflation according to Thomas Massie?

Massie argues that the Federal Reserve created trillions of dollars and loaned it to the Treasury Department, enabling unprecedented deficit spending by monetizing the debt, which devalued the dollar and caused high inflation.

What is the role of the Federal Reserve in monetizing debt as described in the script?

The Federal Reserve monetizes debt in a coordinated effort with the White House, Treasury Department, Congress, big banks, and Wall Street, which Massie claims benefits the wealthy and connected at the expense of retirees and savings.

What is the Federal Reserve Transparency Act of 2023, and who introduced it?

The Federal Reserve Transparency Act of 2023, introduced by Thomas Massie, calls for an audit of the Federal Reserve. It was originally introduced by former Representative Ron Paul in 2009.

What did former President Woodrow Wilson allegedly say about the Federal Reserve Act?

Woodrow Wilson allegedly said that he was a 'most unhappy man' and that he had 'unwittingly ruined' his country by signing the Federal Reserve Act, leading to a system controlled by a small group of dominant men.

What are the key points of the new bill regarding the Federal Reserve?

The new bill calls for the repeal of the Federal Reserve Act, liquidation of the Federal Reserve's assets, returning funds to the Treasury, transferring liabilities to the Treasury, and requiring the Federal Reserve to report directly to Congress on its liquidation progress.

What historical event is mentioned in the script that led to the creation of the Federal Reserve?

The creation of the Federal Reserve is linked to the year 1913, when both the income tax and the Federal Reserve were established, leading to what Ron Paul describes as 'economic torture'.

What was the original name of the bill that became the Federal Reserve Act?

The original name of the bill was the Aldridge bill, named after Senator Aldridge.

How did the bankers attempt to deceive the public and Congress regarding the Federal Reserve Act?

Bankers deceived the public and Congress by screening and protesting against the bill in newspapers, claiming it would ruin banks, which led the public to support it unknowingly. They also fooled Congress by including clauses that limited their power, only to remove them after the bill was passed.