U.S. Sen. Mike Lee (R-UT) has introduced the Federal Reserve Board Abolition Act, which would repeal the 1913 Federal Reserve Act while dissolving the Board of Governors of the Federal Reserve System and the Federal Reserve banks.
“The Federal Reserve has overstepped and repeatedly failed to achieve its mandate and become an economic manipulator that has directly contributed to the financial instability many Americans face today,” said Lee in announcing the legislation. “This legislation aims to protect our economic future by dismantling a system that enables unchecked government spending, the monetization of federal debt that fuels it, and widespread economic disruption. It’s time to end the Fed.”
According to the text of the legislation, “The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal Reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.”
The bill would maintain the position of the Federal Reserve chairman to oversee the liquidation of the central bank’s assets. However, the bill does not specifically state which entity would take on the responsibilities carried out by the Fed.
A companion bill was introduced in the U.S. House of Representatives by Rep. Thomas Massie (R-KY), who said, “Americans are suffering 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 the high inflation we see today.”
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Senator Lee is very misguided on many issues. It’s time to replace him with a conservative who’s not so radically right!
Exactly what a statist with no regard for the individual sovereign citizens of this nation would say. Shame on you you . . .
O’Kane here. I have the same email
DO YOU HAVE A BETTER SOLUTION?
Problem is that this reflects the current GOP if Trump approves.
Exactly why Trump and his cronies have to be defeated at all costs. Our economy and our democracy depend on it.
Wrong! You have been duped. Trump is the one that fixed the economy in the first place! The US is a corporation and it needs to be run by a BUSINESSMAN not some lying cheating politician.
A businessman with 12 bankrupt companies under his convicted felons belt?
you missed the boat on that one.
The Fed didn’t exist until 1913. Did you think about how we made it so long without government manipulation of the money supply?
Please read the Truth in Money book by Theodore Thoren.
You will then see that our debt based monetary system is flawed.
Also, read Article 1, Section 8, Clause 5 of the Constitution, where Congress shall have the power to coin money etc.
Then, read some books written on the creation of Federal Reserve and fractional reserve banking
It is time to end the Fed!!!!
Tear down all guard rails with no idea how replace them.
BahBy Fed!!
Senator Lee may want to look at those FEDERAL RESERVE NOTES that he gets paid with before and if he aims to “protect our economic future….” His proposal is akin to throwing the baby out with the bath water and ignores economic history. What he could be looking into is the commoditization of residential (single-family) housing, if he’d like to tackle some of the underpinnings of today’s inflation.
What a moron! If you’re gonna kill the Fed, at least come up with an alternative solution. This is why Republicans cannot be trusted with our economy. They always f*ck it up. The last two economic meltdowns happened under Bush and Trump and Obama and Biden have been forced to deal with the wreckage.
Opps! another person missed the boat! How can someone blame the Republicans for a disaster that Biden isn’t even afraid to claim. Yes the Border is secure. what are you people smoking
and you don’t think it is F— up right now.. we are the worst we ever been.. some friends are working 3 jobs.. that is where we got more employment .. from people having to work 2 or 3 jobs to make it.. there is not new jobs that Biden is claiming.. I don’t mind changing if for the better and right now, it looks like anything would be better for our country.. I will have to see what is going to replace it before I jump to opinion.. I have been a Real Estate for 40 years and I have to look into this more.. we need to look at what is best for our country and leave the where you are democrats or republicans out of it.. and think of our country PERIOD..wait and see what they have to replace it before you criticize !!!!! look in the mirror and throw the first stone…
The Federal Reserve is a stock-owned corporation. Via dividends the stockholders make a lot of money lending money to the federal government. Andrew Jackson had done away with the central bank in operation in his day. The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913, when most Americans were preoccupied with holiday planning, shopping, travel and Christmas parties.
One of the most heated constitutional debates in early America involved Congress’s power to establish a national bank. Bank supporters like Alexander Hamilton argued that a national bank was essential to building a strong national economy. Bank opponents like Thomas Jefferson and James Madison countered that a national bank represented an abuse of power by Congress and a corrupt bargain between political and economic elites. Congress established the First Bank of United States in 1791, but it let its charter expire in 1811. Congress then established the Second Bank of United States in 1816. The Marshall Court finally upheld Congress’s power to establish a national bank in the landmark decision, McCulloch v. Maryland (1819). President Andrew Jackson disagreed. Jackson—like Jefferson and Madison before him—thought that the Bank of the United States was unconstitutional. When Congress voted to extend the Second Bank’s charter in 1832, Jackson vetoed the bill. To explain his decision to the nation, Jackson issued a veto message on July 10, 1832.
Herewith is part of that message:
The bill “to modify and continue” the act entitled “An act to incorporate the subscribers to the Bank of the United States” was presented to me on the 4th July instant. Having considered it with that solemn regard to the principles of the Constitution which the day was calculated to inspire, and come to the conclusion that it ought not to become a law, I herewith return it to the Senate, in which it originated, with my objections.
A bank of the United States is in many respects convenient for the Government and useful to the people. Entertaining this opinion, and deeply impressed with the belief that some of the powers and privileges possessed by the existing bank are unauthorized by the Constitution, subversive of the rights of the States, and dangerous to the liberties of the people, I felt it my duty at an early period of my Administration to call the attention of Congress to the practicability of organizing an institution combining all its advantages and obviating these objections. I sincerely regret that in the act before me I can perceive none of those modifications of the bank charter which are necessary, in my opinion, to make it compatible with justice, with sound policy, or with the Constitution of our country. . . .
It is to be regretted that the rich and powerful too often bend the acts of government to their selfish purposes. Distinctions in society will always exist under every just government. Equality of talents, of education, or of wealth can not be produced by human institutions. In the full enjoyment of the gifts of Heaven and the fruits of superior industry, economy, and virtue, every man is equally entitled to protection by law; but when the laws undertake to add to these natural and just advantages artificial distinctions, to grant titles, gratuities, and exclusive privileges, to make the rich richer and the potent more powerful, the humble members of society—the farmers, mechanics, and laborers—who have neither the time nor the means of securing like favors to themselves, have a right to complain of the injustice of their Government. There are no necessary evils in government. Its evils exist only in its abuses. If it would confine itself to equal protection, and, as Heaven does its rains, shower its favors alike on the high and the low, the rich and the poor, it would be an unqualified blessing. In the act before me there seems to be a wide and unnecessary departure from these just principles.
In his book America’s Sixty Families, published in 1937, American journalist Ferdinand Lundberg said this:
“In practice, the Federal Reserve Bank of New York became the fountainhead of the system of twelve regional banks, for New York was the money market of the nation. The other eleven banks were so many expensive mausoleums erected to salve the local pride and quell the Jacksonian fears of the hinterland.
Benjamin Strong, president of the Bankers Trust (J.P. Morgan) was selected as the first Governor of the New York Federal Reserve Bank. Adept in high finance, Strong for many years manipulated the country’s monetary system at the discretion of directors representing the leading New York banks.
Under Strong, the Reserve System was brought into interlocking relations with the Bank of England and the Bank of France. Benjamin Strong held his position as Governor of the Federal Reserve Bank of New York until his sudden death in 1928, during a Congressional investigation of the secret meetings between Reserve Governors and heads of European central banks which brought on the Great Depression of 1929-31.”
The key is getting rid of agencies that are not under control. The Dept of Ed, Dept of Labor, the national EPA are all donor controlled and our government does not provide proper oversight. None have improved the country. There are several others. The FDA is pharma controlled to protect pharma from lawsuits. The Dept off Trans is a joke. Unless every reg they pass has to be voted on by a recorded vote by Congress they are not legally able to legislate which is what the regs do
Well Senator Lee, if you going to kill the Fed you should nix the IRS too. SMH what a joke!
How about dealing with the criminal CIA and FBI with their domestic terrorism against innocent US Citizens first? Jesuit/Masonic ‘hidden hand’ exposed now.
As a country, we have to have rules, laws, and regulations in order to keep the peace, since unfortunately we cannot seem to provide this peace among ourselves. We do need to all contribute to the society we live in, in one way or another unless due to unfortunate circumstances a citizen is too mentally or physically crippled to do so. Then these citizens needs must be taken care of. All their physical and mental health needs must be met by the citizens they live among. With that being said, as a country that enjoys being able to make unlimited amount of income from its consumers, we have to hold ourselves into check. If you are a business owner, I applaud you. You have leaped into the world of faith that your dream will come true. But, every business person MUST remember, the consumer that purchases their product, whether it is a bank loan, or a cookie, is doing so with a leap of faith as well. The consumer is doing so while believing that the dollar they spend today will not be a dollar ill spent. The consumer has to negotiate their purchases with great skill and discipline , so they can have enough and hopefully more than enough to cover their individual daily expenses and future expenses they cannot begin to foresee.
If business owners do not work hand-in-hand with consumers then the business will eventually collapse. Consumers will have no choice but to find alternatives for survival.
The same applies to laws and rights. A government can develop rules and regulations until they make all our heads spin wondering whats coming next, but if the rule makers don’t hold themselves to any kind of discipline, if they don’t keep their focus on why the rule is being made in the first place, which should be to provide the best life for their citizens as a whole and as individually as possible, then they have lost their direction. The community/country that loses that direction will eventually fail it’s people. The leaders of any country must be focused on the country’s citizens that will supply the country with it’s daily needs. Without citizens, there is no one left to praise the King, sort of speak.