U.S. Senator Proposes to Dissolve the Federal Reserve

posted  9 Jun 2024
Photo - U.S. Senator Proposes to Dissolve the Federal Reserve
Senator Mike Lee has proposed a bill called the "Abolish Act," which seeks to dismantle the Federal Reserve System as a government entity. This legislation also aims to repeal the foundational Federal Reserve Act of 1913, which established the Fed.

According to Lee, the American central bank has overstepped its authority and failed in its duties to control inflation and manage national debt.
This legislation aims to protect our economic future by dismantling a system that enables unchecked government spending, the monetization of federal debt that fuels it, and widespread economic disruption,
the senator stated.
Under the proposed bill, after the dissolution of the leadership and liquidation of assets, only the head of the Fed would remain in position. This individual would oversee the distribution of the institution's assets and liabilities. Proceeds from the liquidation are proposed to be transferred to the U.S. Treasury.