Republican Senator Mike Lee (Utah) says he’s backing Rep. Thomas Massie’s (R-Ky.) bill seeking to abolish the privately owned, run-for-profit Federal Reserve system, which prints the US money supply and lends it to the government with interest.
Sen. Lee unveiled the proposed “Federal Reserve Board Abolition Act” in a post on X Wednesday, calling for a one-year wind-down of the Fed’s Board of Governors and its numerous Federal Reserve banks, widely blamed for the US dollar’s decline, inflation, and the national debt spiral.
“Feeling dangerous… I think I’ll take a page from @RonPaul and get together with my friend @RepThomasMassie to END THE FED,” Lee wrote.
Lee’s support for the proposal comes as Rep. Massie introduced the “End the Fed” bill last March, arguing the Fed had to be abolished to save the nation from runaway inflation.
“Americans are suffering under crippling inflation, and the Federal Reserve is to blame,” Rep. Massie wrote at the time. “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 the high inflation we see today.”
President Donald Trump’s Department of Government Efficiency lead, Elon Musk, has also expressed interest in dismantling the Fed, or replacing board members with fiscally conservative leaders who would institute audits and reforms.
Musk has also backed proposals to name former Texas Congressman Ron Paul, a longtime critic of the Fed, as its chairman.
Could Trump’s second term really bring about the end of the Fed’s inflationary money-lending practices and pull America out of certain economic doom? At this point, things appear promising.
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