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Utah Sen. Mike Lee introduces bill to end the Fed

Section: Daily Dispatches

By Jeffrey Gogo
Cryptopolitan, London
Sunday, June 9, 2024

U.S. Sen. Mike Lee has introduced a bill calling for the abolition of the Federal Reserve system, including the Board of Governors. Dubbed the "Abolition Act," the proposed law also seeks to repeal the foundational 1913 Federal Reserve Act.

Lee, a Republican senator from Utah, said the U.S. central bank, "overstepped" its mandate and failed to control key economic variables like inflation and public debt. 

Lee's plan received backing in the House of Representatives from Kentucky representative Thomas Massie.

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"The Federal Reserve has repeatedly failed to achieve its mandate and become an economic manipulator that has directly contributed to the financial instability many Americans face today," Lee said in a statement, adding:

"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."

Lee declared that "it's time to end the Fed," likely in reference to a 2009 book by former Texas Rep. Ron Paul. Paul's son, Rand Paul, is a Republican senator for Kentucky and reportedly a close ally of Lee's. ...

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