Legislation introduced in the House and Senate calls for the elimination of the Federal Reserve system

Kentucky Representative Thomas Massie and Utah Senator Mike Lee served up similar bills in their respective chambers.

Kentucky Representative Thomas Massie and Utah Senator Mike Lee have introduced legislation to eliminate the Federal Reserve system.

The measures, H.R. 1846 and S. 869, are similar bills that would abolish the Board of Governors and the 12 Federal Reserve banks and repeal the Federal Reserve Act, which created the system in 1913.

“Americans have suffered under crippling inflation, and the Federal Reserve is to blame,” said Massie. “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 high inflation.”

The bills, which are each known as the "Federal Reserve Board Abolition Act," would terminate the Board of Governors of the Federal Reserve System and the 12 Federal Reserve banks, and would repeal the Federal Reserve Act.

“The Federal Reserve has not only failed to achieve its mandate, it has become an economic manipulator, directly contributing to the financial instability many Americans face today,” said Lee. “We need to protect our economic future, and that begins with eliminating the Federal Reserve. It’s time to put a stop to the monetization of federal debt that fuels unchecked federal spending and put American money on a solid foundation. We need to end the Fed.”

Monetizing debt is a closely coordinated effort between the Federal Reserve, Treasury Department, Congress, Big Banks and Wall Street. 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.

The Federal Reserve Board Abolition Act was first introduced by former Representative Ron Paul in 1999 and last introduced in 2013. Earlier this year, Massie also introduced H.R. 24, the Federal Reserve Transparency Act of 2026 to audit the Federal Reserve. A similar measure to H.R. 24 was originally introduced by Paul in 2009.

The Federal Reserve System was created in response to financial panics, particularly the severe Panic of 1907. Its primary goal was to provide the U.S. with a more stable and flexible financial system. After the 1907 panic, Congress created the National Monetary Commission, which was tasked with studying banking reform and was led by Senator Nelson Aldrich. The Aldrich Plan proposed a centralized banking system, but it faced opposition for being too controlled by large banks. Ultimately, the Federal Reserve Act of 1913 was a revised version of the Aldrich Plan, designed to balance power between private banks and government control.

Today, the Federal Reserve controls monetary policy, regulates banks and works to maintain economic stability by managing inflation, employment and financial markets.