US Congressman Thomas Massie has reintroduced legislation aimed at eliminating the Federal Reserve, citing inspiration from a prominent book on Bitcoin.

The bill, named the "Federal Reserve Board Abolition Act," represents the first attempt in ten years to dismantle the country's central banking system. Introduced by Massie in May, it is currently undergoing initial review in the House.

Massie disclosed during a podcast on June 13 with author Tom Woods that the initiative has gained significant support over the past decade, contrary to his initial expectations.

He stated:

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

Massie also revealed that his decision to reintroduce the contentious bill was influenced by listening to "The Bitcoin Standard" audiobook by Saifedean Ammous.

According to Massie, the book's first 80% delves into the global monetary system and its workings, setting the stage to explain Bitcoin's role. He added:

"The initial portion is not about Bitcoin, but about money itself — what defines money? Ammous lays this groundwork before discussing Bitcoin, assuming that not everyone is familiar with the concept of money."

Published in 2018, "The Bitcoin Standard" argues that Bitcoin possesses superior monetary attributes compared to traditional fiat currencies, particularly due to its scarcity, enforced by a maximum supply of 21 million coins.

Ammous attributes various social and economic issues, such as reduced household savings and inflated asset prices, to the US's departure from the gold standard in 1971 — considered by many as the inception of the "fiat scam," allowing central banks to print unlimited amounts of money.

Massie's bill echoes these arguments, asserting that Federal Reserve policies disproportionately benefit the wealthy while eroding retirees' savings.

The proposed legislation seeks to abolish the Federal Reserve Board of Governors and the 12 regional Federal Reserve banks, effectively repealing the Federal Reserve Act of 1913.

Massie argues that the Fed's policies, especially during the COVID-19 pandemic, have resulted in significant inflation and economic instability.

He remarked during the podcast:

"During COVID, the Fed generated trillions of dollars out of thin air and lent it to the Treasury Department, enabling unprecedented deficit spending. By monetizing the debt, the Fed devalued the dollar and facilitated policies of free money that have contributed to the high inflation we are witnessing today."

Massie's bill has garnered support from 21 cosponsors, including notable Republicans such as Rep. Lauren Boebert, Rep. Marjorie Taylor Greene (R-Ga.), and Rep. Matt Gaetz (R-Fla.).

The introduction of the bill follows a Twitter poll conducted by Massie, where 86% of over 115,000 respondents supported the idea of abolishing the Fed — indicating widespread dissatisfaction with the central bank's operations.

Massie's initiative reflects broader criticism of the Fed, historically scrutinized for its economic impact and perceived lack of transparency. The bill also revives efforts initially spearheaded by former Congressman Ron Paul, who first introduced similar legislation in 1999 and reintroduced it in 2013.

Despite its potential appeal to certain segments of the public and lawmakers, the bill is expected to encounter significant opposition in Congress, where the Fed is viewed as a crucial institution for managing the nation's economy.