US Congressman Thomas Massie has reintroduced legislation aimed at abolishing the Federal Reserve, a move he says was inspired by a seminal book on Bitcoin.
The bill, known as the “Federal Reserve Board Abolition Act,” marks the first attempt in a decade to dismantle the nation’s central banking system. It was introduced by Massie in May and is currently in the initial phases of review by the House.
Massie revealed during a podcast appearance on June 13 with author Tom Woods that the initiative has garnered significant support over the past decade, contrary to his initial thinking.
He said:
“The number of co-sponsors for the bill to end the Federal Reserve in 10 years has gone up 10x, which is remarkable.”
The Bitcoin Standard
Massie also revealed that he made the decision to reintroduce the controversial bill after listening to “The Bitcoin Standard” audiobook by Saifedean Ammous.
According to Massie, the “first 80% of the book” explains the world’s monetary system and how it functions. He added:
“The first 80% of it is not about Bitcoin, it’s about money, it’s about ‘what is money?’ He [Ammous] has to lay that down before you can explain what Bitcoin is because you can’t assume that everyone knows what money was.”
“The Bitcoin Standard,” published in 2018, argues that Bitcoin possesses superior monetary properties compared to traditional fiat currencies, particularly its scarcity enforced by a maximum supply of 21 million coins.
Ammous attributes various social and economic issues, such as reduced household savings and inflated asset prices, to the US abandoning the gold standard in 1971 — which many consider the beginning of the “fiat scam” that allows central banks to print unlimited amounts of money.
Abolishing the Fed
Massie’s bill echoes these themes, claiming that Federal Reserve policies disproportionately benefit the wealthy and erode retirees’ savings.
According to the bill:
“Retirees see their savings evaporate under the Fed’s policies, which benefit the wealthy and connected.”
The proposed legislation aims to abolish the Federal Reserve Board of Governors and the 12 regional Federal Reserve banks, effectively repealing the Federal Reserve Act of 1913.
Massie argues that the Fed’s policies, particularly during the COVID-19 pandemic, have led to severe inflation and economic instability.
He said during the podcast:
“During COVID, the Fed created trillions of dollars out of thin air and loaned it to the…
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