[yourNEWS.com]
Senator Mike Lee (R-UT) and Representative Thomas Massie (R-KY) are reintroducing legislation to abolish the Federal Reserve, a move aimed at transferring monetary policy power to President Donald Trump.
The bill, titled the Federal Reserve Board Abolition Act, proposes dissolving the Board of Governors of the Federal Reserve System and shutting down all Federal Reserve banks within a year. Additionally, it seeks to repeal the Federal Reserve Act of 1913, which established the central bank, according to the bill’s text.
Trump’s Push for More Oversight
The move comes amid Trump’s repeated criticisms of the Federal Reserve’s independence. On Feb. 18, Trump signed an executive order aimed at expanding presidential authority over independent agencies, though the order excluded the Federal Reserve from direct oversight.
“Previous administrations have allowed so-called ‘independent regulatory agencies’ to operate with minimal Presidential supervision,” Trump stated in the executive order.
Lee and Massie have been vocal critics of the Federal Reserve’s handling of monetary policy, accusing it of fueling inflation. Their efforts have gained traction with support from Elon Musk, who has publicly endorsed the push to rein in the Fed.
Criticism of Federal Reserve Policies
Trump has clashed with Federal Reserve Chairman Jerome Powell since his first term, blaming the central bank for inflation and advocating for lower interest rates. After the Fed refused to cut rates on Jan. 29, Trump criticized Powell for failing to “beat” inflation on Truth Social.
Senator Lee argues that the Federal Reserve has strayed from its intended role and has instead become a tool for economic manipulation.
“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 Daily Caller News Foundation. “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.”
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