Florida Rep. Matt Gaetz has joined fellow Republican lawmakers in an effort to abolish the nation’s 111-year-old Federal Reserve banking system.
The Fort Walton Beach Republican is a co-sponsor of a bill introduced by GOP Rep. Thomas Massie of Kentucky.
Under the “Federal Reserve Board Abolition Act,” the Fed’s Board of Governors and each of the 12 Federal Reserve banks would be abolished one year after the bill became law. Massie’s bill also repeals the 1913 Federal Reserve Act that created the system.
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The bill would also transfer all the Fed’s assets and liabilities to the Treasury Department.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Massie said in a statement Thursday when he filed his bill.
“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,” 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.”
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Massie noted that former GOP Congressman Ron Paul, a longtime critic of the Fed, introduced such a bill in 1999. The last time the effort was made was in 2013, the 100th anniversary of the federal banking system.
In 2009, Paul wrote a book called “End the Fed.” In it, he noted, The Federal Reserve should be abolished because it is immoral, unconstitutional, impractical, promotes bad economics and undermines liberty. Its destructive nature makes it a tool of tyrannical government.”
“No single institution in society should have power this immense,” he added.
Besides Gaetz, GOP Rep. Kat Cammack of Gainesville is another Florida lawmaker backing Massie’s bill.
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