Legislation introduced in the House and Senate calls for the elimination of the Federal Reserve system that has been in place in the government since 1913. Kentucky Representative Thomas Massie and Utah Senator Mike Lee served up similar bills in their respective chambers.

The measures, H.R. 1846 and S. 869 are each known as the “Federal Reserve Board Abolition Act,” which would abolish the Board of Governors and the 12 Federal Reserve banks. They would also 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 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, end the monetization of federal debt that fuels unchecked federal spending, and put American money on solid ground. 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,” Massie continued. “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 hasn’t been reintroduced since 2013. Earlier in the year, Massie also introduced H.R. 24, the Federal Reserve Transparency Act of 2025 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, led by Senator Nelson Aldrich, to study banking reform. The Aldrich Plan proposed a centralized banking system, but it faced opposition for being too controlled by big banks. 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.

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