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EXCLUSIVE: GOP LAWMAKERS UNVEIL BILL TO ‘END THE FED’
Republican Utah Sen. Mike Lee and Kentucky Rep. Thomas Massie will reintroduce legislation Wednesday afternoon to abolish the Federal Reserve.
The bill, titled the Federal Reserve Board Abolition Act, would dissolve the Board of Governors of the Federal Reserve System and each Federal Reserve bank with a one-year timeframe. The bill would also repeal the 1913-era legislation that created the central bank to oversee U.S. monetary policy, according to the bill text shared exclusively with the Daily Caller News Foundation.
The congressional Republicans’ reintroduction of legislation to abolish the central bank comes after President Donald Trump has floated exerting more authority over the Federal Reserve and its monetary policy decisions.
The president signed an executive order Feb. 18 to expand his authority over so-called independent agencies but notably exempted the Fed and its authority to set monetary policy and interest rates without presidential oversight.
“[P]revious administrations have allowed so-called ‘independent regulatory agencies’ to operate with minimal Presidential supervision,” Trump wrote in the executive order.
Lee and Massie have consistently advocated for ending the independence of the Federal Reserve, citing their belief that the central bank has mismanaged monetary policy and contributed to inflation. Elon Musk has notably backed their efforts.
Trump repeatedly clashed with Federal Reserve chair Jerome Powell during his first administration. The president criticized Powell for failing to “beat” inflation after the central bank chose not to cut interest rates on Jan. 29.
“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,” Lee told the DCNF. “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.”
“Americans have suffered under crippling inflation, and the Federal Reserve is to blame,” Massie told the DCNF. “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.”
“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.”
Lee and Massie previously introduced the legislation during the 118th Congress in June 2024, but neither bill advanced in the House or Senate.
@ Newshounds News™
Source: The Daily Caller
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BITCOIN TO BE TREATED DIFFERENTLY FROM ALTCOINS IN US CRYPTO RESERVE, SAYS HOWARD LUTNICK: REPORT
▪️A model for the US crypto reserve is set to be revealed at the inaugural White House Crypto Summit on Friday, according to The Pavlovic Today.
▪️The President is interested in a bitcoin strategic reserve, while other tokens will be treated positively but differently, Commerce Secretary Howard Lutnick told the outlet.
More details about the potential US crypto reserve are set to come out of the White House’s inaugural Crypto Summit on Friday, according to independent political news outlet The Pavlovic Today.
“The President definitely thinks that there’s a bitcoin strategic reserve,” Commerce Secretary Howard Lutnick reportedly told the outlet. “Now there will be the question of, how do we handle the other cryptocurrencies? And I think the model is going to be announced on Friday when we do that.“
Lutnick suggested to The Pavlovic Today that bitcoin would receive a “unique status” under Trump’s plans.
“A bitcoin strategic reserve is something the President’s interested in. He spoke about it all during the campaign trail, and I think you’re going to see it executed on Friday,” Lutnick said. “So bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently — positively, but differently,” he added.
The White House Crypto Summit will be chaired by Trump’s Crypto Czar David Sacks and Presidential Working Group on Crypto Executive Director Bo Hines.
Some of the Attendees:
Strategy co-founder Michael Saylor, Coinbase CEO Brian Armstrong, Kraken co-CEO Arjun Sethi and Chainlink co-founder Sergey Nazarov are expected to be among the crypto industry leaders in attendance.
President Trump announced on Sunday that, following his January executive order, he had directed a working group to “move forward” on a U.S. Crypto Strategic Reserve, including BTC, ETH, XRP, SOL and ADA — with those assets initially rising 10%, 15%, 25%, 30% and 70% from last week’s lows, respectively.
Bitcoin subsequently dropped over 10%, and ether plunged more than 15% after Trump’s announcement of new tariffs on imports from Canada, Mexico and China fueled risk-off sentiment — erasing the crypto reserve news gains on Monday.
Despite the recent announcements, questions remain over how any such reserve would be funded and how likely it is to be enacted — with Federal Reserve and Treasury Department options both likely to require new legislation to be passed by Congress.
@ Newshounds News™
Source: The Block
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