Reserve

Token

Fade

United

United States Senator Mike Lee is pushing to abolish the <a href="https://coingape.com/grayscale-gbtc-outflows-resume-as-fed-official-hints-at-keeping-interest-rates-high/" rel="noopener noreferrer nofollow">Federal Reserve.</a> He just showcased his seriousness by introducing the Abolition Act.
<h2 id="strong-the-federal-reserve-bags-criticisms-strong">The Federal Reserve Bags Criticisms</h2>
The legislation is <a href="https://www.lee.senate.gov/2024/6/breaking-the-bank-sen-lee-introduces-bill-to-abolish-the-federal-reserve" rel="noopener noreferrer nofollow">targeting the dissolution</a> of the Board of Governors of the Federal Reserve System and the institution itself. It would also repeal the 1913 Federal Reserve Act, which established the System. Representative Thomas Massie (R-KY) is charged with leading the companion bill in the House of Representatives.
Criticizing the Fed, Sen. Lee stated that the bank has failed in discharging its responsibility. Rather, the bank contributed to <a href="https://coingape.com/jpmorgan-ceo-jamie-dimon-dire-warning-on-8-interest-rate-btc-to-100k/" rel="noopener noreferrer nofollow">financial instability</a> that has befallen many Americans in recent times, per the senator’s statement.&nbsp;
“The Federal Reserve has overstepped and&nbsp;repeatedly failed to achieve&nbsp;its mandate and become an economic manipulator that has directly contributed to the financial instability many Americans face today,”&nbsp;said Sen. Lee.&nbsp;
He is therefore focused on salvaging the situation by introducing the Abolition Act. “This legislation aims to protect our economic future by dismantling a system that enables unchecked government&nbsp;spending, the monetization of federal debt that fuels it,&nbsp;and widespread economic disruption. It’s time to end the&nbsp;Fed.”
<h2 id="strong-the-massive-loan-to-treasury-department-strong">The Massive Loan to Treasury Department</h2>
Rep. Massie supported Lee’s stance, citing that frequent inflation has successfully impacted negatively on several Americans. 
For more context, Massie recalled the action taken by the Federal Reserve in 2020 when the Covid-19 pandemic hit the world. The Federal Reserve allegedly generated trillions of dollars out of nowhere. Notably, it ended up giving this funds to the Treasury Department as a loan.
This ‘generous’ move was aimed at enabling unprecedented deficit spending but was also a means for the Fed to monetize the fund (debt). Unfortunately, the move triggered the devaluation of the U.S. dollar and facilitated free money policies. These have played a major role in the high inflation that the country is currently facing.&nbsp;
Noteworthy, the Federal Reserve is meeting on June 12 and anticipation is building already in the financial sector. While some financial experts have stated that there would be <a href="https://coingape.com/bitcoin-falls-as-goldman-sachs-ceo-says-no-rate-cuts-by-us-fed-in-2024/" target="_blank" rel="noopener noreferrer nofollow">no rate cut</a> from the Fed this year, many investors are still expecting <a href="https://coingape.com/fed-rate-cut-expectations-push-bitcoin-btc-past-71000-new-ath-soon/" target="_blank" rel="noopener noreferrer nofollow">rate cuts</a> from the bank. Their&nbsp; expectation is fueled by data indicating moderating U.S. inflation and a <a href="https://coingape.com/us-job-data-hints-at-bitcoin-price-rally-here-all/" target="_blank" rel="noopener noreferrer nofollow">weaker jobs market</a>.
Read More: <a href="https://coingape.com/friend-tech-launches-friendchain-empowers-with-friend-token/" target="_blank" rel="noopener noreferrer nofollow">Friend tech Launches Friendchain, Empowers with FRIEND Token</a>
The post <a href="https://coingape.com/us-lawmaker-introduces-bill-to-fade-off-federal-reserve/" rel="noopener noreferrer nofollow">US Lawmaker Introduces Bill To Fade Off Federal Reserve</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

US Lawmaker Introduces Bill To Fade Off Federal Reserve

Table of Contents

Coingape News Media

Other articles published on Jun 8, 2024

GameStop Price Prediction: GME Plunges 28% After Livestream By Roaring Kitty As Analysts Say This...

Ethereum Foundation Wallet Moves 15,254 ETH to Kraken Amid Market Watch

Ripple’s 150 Million XRP Sale Keeps Price Surpressed Amid Bearish Headwinds

Uniswap, Notcoin, and Rebel Satoshi are on a big rebound trend

New Law Grants U.S. President Sweeping Powers to Block Digital Asset Access, Sparking Concerns

Top Tokens Could Attract Huge Liquidity by Facing a 10% Plunge in the Coming Week

Join our free newsletter for daily crypto updates!