US Congressman Thomas Massie has reintroduced legislation aimed at eliminating the Federal Reserve, influenced by insights from the book "The Bitcoin Standard."

The bill, titled the “Federal Reserve Board Abolition Act,” represents the first attempt in ten years to dismantle the central banking system. Massie introduced the bill in May, and it is currently undergoing initial review in the House.

In a podcast with author Tom Woods on June 13, Massie noted a significant increase in support for the bill over the past decade, contrary to his initial expectations.

He stated:

“The number of co-sponsors for the bill to end the Federal Reserve in 10 years has increased tenfold, which is remarkable.”

Massie attributed his decision to reintroduce the bill to his study of “The Bitcoin Standard” audiobook by Saifedean Ammous. He emphasized that the book’s foundational explanation of monetary systems and the concept of money itself influenced his perspective.

Published in 2018, “The Bitcoin Standard” argues that Bitcoin offers superior monetary properties compared to traditional fiat currencies, particularly due to its capped supply of 21 million coins.

Massie's bill echoes these sentiments, asserting that Federal Reserve policies disproportionately benefit the wealthy while eroding savings for retirees. The legislation aims to repeal the Federal Reserve Act of 1913, which established the Federal Reserve Board of Governors and the 12 regional Federal Reserve banks.

During the podcast, Massie criticized the Fed's actions during the COVID-19 pandemic, citing the creation of trillions of dollars and subsequent inflation as detrimental to the economy.

He explained:

“During COVID, the Fed 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 Fed devalued the dollar and enabled free money policies that caused the high inflation we see today.”

Massie's bill has garnered support from 21 cosponsors, including prominent Republicans such as Rep. Lauren Boebert, Rep. Marjorie Taylor Greene, and Rep. Matt Gaetz. Despite this support, the bill is expected to face significant opposition in Congress, where the Federal Reserve is viewed as a crucial institution for economic management.