Rep Thomas Massie (left) and Senator Mike Lee (right)
By Jordan Conradson
Rep. Thomas Massie (R-KY) and Senator Mike Lee (R-UT) have teamed up to reintroduce the “End the Fed” bill in the House and Senate to liquidate the Federal Reserve’s assets and transfer all money to the Treasury.
Additionally, Massie also introduced a bill to audit the Federal Reserve in the House.
Massie previously introduced the bills in 2024.
“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. In addition to introducing this legislation to “End the Fed,” Rep. Massie has also introduced H.R. 24, the Federal Reserve Transparency Act of 2025 to audit the Federal Reserve. H.R. 24 was originally introduced by former Representative Ron Paul (R-TX) in 2009,” according to a press release from Massie’s office.
The Act will abolish the Board of Governors of the Federal Reserve System and liquidate all assets to return to the taxpayer. It also repeals the Federal Reserve Act, the 1913 law that created the Federal Reserve, effective one year after the bill is signed into law.
Read the full bill here.
[…]
Via https://www.thegatewaypundit.com/2025/03/rep-thomas-massie-sen-mike-lee-introduce-bills/
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What is money? Dr. Paul’s move in1999 follows the creation of the Federal Reserve System in 1913. But even that follows the central banking system that was initiated by First US Treasury Secretary Alexander Hamilton in 1789, based on the European model of central banking, and its ability to fund wars through the stock market.
Anything can be used as money, as long as each side believes it is getting a fair deal. G. Edward Griffin refers to “commodity money”, meaning the use of fish or grain in exchange for farming implements, on a small scale. As each system expands, it reaches the point of maximal benefit and begins to contract. This is true for everything, from cancer cultures to individuals and governments, even empires.
Rep. Massie and Sen. Lee aeem to be striving to return to the gold and silver-backed basic currency of the Constitution, but they don’t specify what they would replace the Fed with. Gold? Silver? Bitcoin? Is it possible to return to individual commodities and exchange?
It’s a complicated question, with no easy answers.
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I’m inclined to agree with Canadian historian Matthew Ehret that the First Bank of the United States created by Hamilton was totally different from the Federal Reserve. For me the most important difference was that the First Bank of the US was government owned, whereas the Federal Reserve is owned by private banks. Also although there was some private bank investment in the First Bank of the US, most of the money it lent out was money created by the Treasury to build industry and infrastructure, which was repaid from the proceeds of these projects. The Federal Reserve is based on the Bank of England model, which historically has been privately owned by private bankers.
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My memory on that one is spotty, but I believe the first attempt in the US to create central banking was by Hamilton in partnership with another guy, and shares were sold to other signers of the Constitution.
But you are right about the Fed being privately owned. I’m working on a blog right now about Ron Paul’s book, End the Fed, published in 2009, which I reviewed at the time but I may not have posted my review.
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