Congressman Thomas Massie has reintroduced a bill to abolish the Federal Reserve, claiming it is the root cause of inflation and economic instability. The bill, known as the Federal Reserve Board Abolition Act, would dismantle the entire Fed system. Senator Mike Lee is leading a companion bill in the Senate with the same goal. Massie is also pushing for a full audit of the central bank through the Federal Reserve Transparency Act. The bills have gained support from libertarians, conservatives, and cryptocurrency enthusiasts who believe the Fed's unchecked power allows it to manipulate the economy. The central bank is also facing internal drama, with the recent resignation of Vice Chair for Supervision Michael Barr. Elon Musk has also criticized the Fed and called it "absurdly overstaffed." Trump has signed an executive order stripping the Fed of some authority over big banks, transferring power to political appointees.



Other News from Today