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Thomas Massie's End the Fed Bill Inspired by The Bitcoin Standard

Thomas Massie's End the Fed Bill Inspired by The Bitcoin Standard

Jun 13, 2024

Thomas Massie's End the Fed Bill Inspired by The Bitcoin Standard

Congressman Thomas Massie (R-Kentucky) has reintroduced a bill aiming to abolish the Federal Reserve. The initiative, known as the "Federal Reserve Board Abolition Act," was first brought forward by former Libertarian congressman Ron Paul in 1999 and was last introduced a decade ago.

The inspiration behind Rep. Massie's decision to reintroduce the bill came from the book "The Bitcoin Standard" by Saifedean Ammous. In a podcast appearance with author Tom Woods, Massie expressed that after listening to the audiobook, he concluded it was "way past time" to bring back the legislation. "The first 80% of it is not about Bitcoin, it’s about money, it’s about ‘what is money?’" Massie explained, underscoring the book's impact on his understanding of monetary concepts and the role of the Federal Reserve.

Ammous's book, published in 2018, argues that Bitcoin, due to its scarcity and maximum supply of 21 million coins, could become the most dominant form of money in the world. The book also links various social issues to the U.S.'s departure from the gold standard in 1971, including decreased household savings and inflated housing and asset prices.

According to Massie, the Federal Reserve's policies have caused retirees to see their savings diminish while mainly benefiting the affluent and well-connected. Massie's new bill echoes these sentiments and aims to dissolve the Federal Reserve's Board of Governors and Federal Reserve banks, as well as repeal the Federal Reserve Act of 1913, which established the current Federal Reserve System.

In contrast with the minimal support received by the 2013 bill, Massie's 2024 bill has garnered two dozen Republican co-sponsors. He has also received support from the online Bitcoin community, engaging in discussions on social media about the bill's potential implications.

Rep. Massie expressed his determination to push forward with the legislation despite the odds, stating, "Man, I may be the only one, maybe I’ll get two or three co-sponsors but I don’t care. This needs to be done."

The current state of the legislation remains uncertain, but the increase in co-sponsors suggests a growing interest in reassessing the role of the Federal Reserve. The bill's future implications could have significant effects on the U.S. monetary system and the broader economy, especially in the context of ongoing debates about inflation and the role of Bitcoin.


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