GOP Rep. Thomas Massie of Kentucky and more than a dozen other House Republicans are pushing a measure that targets the Federal Reserve System. The measure includes text that declares, "The Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished" and "the Federal Reserve Act is hereby repealed."

Massie announced the introduction of the measure on Thursday, the same day that the Dow Jones Industrial Average stock index surpassed 40,000 for the first time before ultimately giving up its gains and closing slightly down for the day.

'If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.'

"Americans are suffering under crippling inflation, and the Federal Reserve is to blame," Massie said, according to a press release. "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."

"Monetizing debt is a closely coordinated effort between the White House, Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street," the congressman noted, according to the press release. "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."

According to the press release, original cosponsors on the measure include GOP Reps. Andy Biggs of Arizona, Lauren Boebert of Colorado, Josh Brecheen of Oklahoma, Tim Burchett of Tennessee, Eric Burlison of Missouri, Kat Cammack of Florida, Michael Cloud of Texas, Eli Crane of Arizona, Jeff Duncan of South Carolina, Matt Gaetz of Florida, Bob Good of Virginia, Paul Gosar of Arizona, Marjorie Taylor Greene of Georgia, Harriet Hageman of Wyoming, Ralph Norman of South Carolina, Scott Perry of Pennsylvania, Chip Roy of Texas, Keith Self of Texas, Victoria Spartz of Indiana, and Tom Tiffany of Wisconsin.

"The Federal Reserve Board Abolition Act was first introduced by former Representative Ron Paul (R-TX) in 1999 and hasn't been reintroduced since 2013," the press release states.

Paul introduced the Federal Reserve Board Abolition Act numerous times, and in 2013, then-Rep. Paul Broun, a Georgia Republican, introduced the measure.

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