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U.S. Representative Thomas Massie said he had refiled a bill to abolish the Federal Reserve, inspired by his Bitcoin-focused book, The Bitcoin Standard.
The bill has garnered support from many in the online Bitcoin community and several Republican co-sponsors.
Bitcoin book inspires Bill
Massie added that the book convinced him that it was time to confront the current banking system and was instrumental in the decision to reintroduce the legislation. The book in question, The Bitcoin Standard, focuses primarily on money and anti-central banks. According to Massie, the first few chapters of the book talk about the concept of money before moving on to a discussion of Bitcoin. Massie said it was this foundational knowledge that allowed Massie to identify problems in the operations of the Federal Reserve.
“JUST IN: Congressman Thomas Massie says reading the #Bitcoin Standard book inspired him to file bill to end the Federal Reserve.”
Massie found the book compelling as it discussed the United States going off the gold standard in 1971 and its implications. The book's author, Saifedean Ammous, links the shift to fiat to the emergence of several economic problems, such as high asset valuations and low household savings. According to Massie, this led him to reintroduce the “Federal Reserve Abolition Act.” Massie said in his May press release:
“Americans are suffering from severe inflation and the Federal Reserve must be held accountable. During COVID-19, the Federal Reserve created trillions of dollars out of thin air and lent them to the Treasury to enable unprecedented deficit spending. By monetizing debt, the Fed devalued the dollar and enabled a free money policy that led to the high inflation we see today.”
Bill sees support growing
Massie has also attempted to challenge the Federal Reserve and its policies in the past, co-sponsoring similar legislation in 2013. The original bill was introduced in 1999 by former Liberal MP Ron Paul. But it had little traction and only two co-sponsors. Massie said many of the problems anticipated in the original bill have materialized, causing people to lose trust in government agencies.
Massie's anti-Fed bill received significant support, with more than 20 Republican co-sponsors. This increase in support signals growing concerns about the Federal Reserve's economic role. Massie's argument that current policies are eating away at retirees' savings also resonated with many, and the bill's emphasis on financial stability caught the attention of many of Massie's colleagues.
The online Bitcoin community also weighed in on the bill, with Massie and Ammous also discussing their skepticism about centralizing economic policy and governance for social media. The discussion cited several influential economic figures to highlight the shift to a more decentralized financial system like Bitcoin. Massie was added to X.
“Hey, maybe it’s just me. Maybe I'll get two or three co-sponsors, but I don't care. You need to do this. We now have 24 co-sponsors. “The number of co-sponsors of legislation to end the Fed within 10 years has increased tenfold, which is incredible.”
In the bill, Massie argues that the Fed's policies benefit the wealthy and significantly increase wealth inequality. This bill proposes abolishing the Federal Reserve to address these problems and promote an equitable financial system.
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