US Congressman Says Bitcoin Standard Inspired Bill To End FED

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Source: Shutterstock / In Green, modified by Blockworks

US Congressman Thomas Massie says reading the Bitcoin Standard book inspired him to re-introduce a bill to end the FED. Massie introduced the recent bill to completely wipe out the Federal Reserve.

“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” said Rep. Massie in a May press release. “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.”

Congressman Thomas Massie’s legislation abolishes the Board of Governors of the FED, as well as the Federal Reserve banks. It also repeals the Federal Reserve Act. This act was established in 1913 and created the Federal Reserve System we know today.

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Furthermore, in his post to X, Congressman Thomas Massie explained that he listened to the Bitcoin Standard Book to understand Bitcoin vocabulary. He adds that the piece does well to explain how money and the Federal Reserve work. According to him, Bitcoin can become the catalyst for this bill going through. “Man, I may be the only one, maybe I’ll get two or three co-sponsors but I don’t care,” Massie says. “This needs to be done. I got two dozen co-sponsors. The number of cosponsors of the bill to end the Federal Reserve in 10 years has gone up 10X, which is remarkable.”

The Federal Reserve Board Abolition Act was first introduced by former Representative Ron Paul (R-TX) in 1999. However, Congressman Massie is the first to reintroduce the bill since 2013.