A bill in the U.S. House to repeal the 112-year-old Federal Reserve Act and abolish the nation’s central bank has attracted several co-sponsors, including York County Republican Rep. Scott Perry.
Kentucky GOP Rep. Thomas Massie introduced the bill on March 5 and Perry is one of 10 co-sponsors, all Republicans, who have signed onto it.
The bill was referred to the House Financial Services Committee, whose members include Republican Rep. Dan Meuser of Pennsylvania’s 9th Congressional District.
Republicans have introduced similar legislation over the years going back to 1999 sponsored by Rep. Ron Paul of Texas.
Billionaire Elon Musk, who is leading federal government cost-cutting efforts for President Donald Trump, has supported abolishing the Federal Reserve.
Supporters of the Federal Reserve have said that abolishing it would result in “significant economic upheaval” and financial chaos.
The Federal Reserve system includes the Federal Reserve — the United States’ central bank — the Board of Governors and 12 Federal Reserve Banks across the country.
All of that was created under the Federal Reserve Act of 1913.
The Federal Reserve says that it “conducts the nation’s monetary policy, promotes financial system stability, supervises and regulates financial institutions, fosters payment and settlement system safety and efficiency, and promotes consumer protection and community development.”
A Perry spokesman said the Federal Reserve’s ability “to monetize the debt has created the significant inflation we see in today’s economy and allows for the continuation of out-of-control government spending. By ending the Federal Reserve, we provide economic stability and stop the devaluation of everyone’s hard-earned living.”
In a statement released when he introduced the bill, Massie said that “Americans have suffered under crippling inflation, and the Federal Reserve is to blame. 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.”
A companion bill was introduced in the U.S. Senate by Utah Republican Sen. Mike Lee.
