Sen. Mike Lee (R-UT) and Rep. Thomas Massie (R-KY) are set to reintroduce legislation Wednesday afternoon aimed at dismantling the Federal Reserve.

The bill, titled the Federal Reserve Board Abolition Act, seeks to dissolve the Board of Governors of the Federal Reserve System and each Federal Reserve bank within a one-year timeframe.

Additionally, the legislation would repeal the 1913-era law that established the Federal Reserve as the central authority overseeing U.S. monetary policy.

According to the bill text shared exclusively with the Daily Caller News Foundation, the move comes as President Donald Trump has increasingly floated the idea of exerting more authority over the Federal Reserve and its monetary policy decisions.

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However, while the president signed an executive order on February 18 to expand his control over independent regulatory agencies, the Federal Reserve was notably exempt from the order’s reach.

“[P]revious administrations have allowed so-called ‘independent regulatory agencies’ to operate with minimal Presidential supervision,” Trump stated in the executive order.

Lee and Massie have long been vocal opponents of the Federal Reserve’s independence, arguing that its monetary policies have contributed to inflation and economic instability.

The two lawmakers have consistently called for an end to the central bank’s role in controlling U.S. currency and interest rates.

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Billionaire entrepreneur Elon Musk has publicly backed their efforts to reform the institution.

President Trump previously clashed with Federal Reserve Chair Jerome Powell during his first administration, particularly over interest rate decisions.

On January 29, after the Federal Reserve opted not to cut interest rates, Trump criticized Powell for failing to “beat” inflation.

Lee expressed his concerns over the Federal Reserve’s role in the economy, saying, “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.”

“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,” he told the Daily Caller News Foundation.

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That’s how the Constitution was designed The Federal Reserve is one of many examples of how we’ve deviated from the Constitution in that regard Yet another reason why we should #EndTheFed pic.twitter.com/qfW7tFdhe8 — Mike Lee (@BasedMikeLee) November 8, 2024

Massie echoed similar sentiments, placing the blame for inflation squarely on the Federal Reserve’s policies.

“Americans have suffered under crippling inflation, and the Federal Reserve is to blame,” Massie stated.

“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.”

Massie also criticized the close coordination between the Federal Reserve, the Treasury Department, Congress, and major financial institutions, arguing that such actions disproportionately benefit the wealthy while eroding the savings of retirees and working-class Americans.

“Monetizing debt is a closely coordinated effort between the Federal Reserve, Treasury Department, Congress, Big Banks, and Wall Street,” he 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.”

I just reintroduced “End the Fed." Title: Federal Reserve Board Abolition Act, HR 1846. Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation. pic.twitter.com/0U2NkbBZsX

— Thomas Massie (@RepThomasMassie) March 5, 2025

Lee and Massie previously introduced similar legislation in June 2024 during the 118th Congress, but the bill did not advance in either the House or Senate.

The renewed push to abolish the Federal Reserve reflects growing dissatisfaction among conservatives with the central bank’s policies and its influence over the economy.

As the debate over monetary policy continues, the bill’s fate in Congress remains uncertain.

However, with increasing scrutiny on the Federal Reserve’s role in inflation and economic management, the issue is likely to remain a focal point in policy discussions leading up to the next legislative session.

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