A congressman listened to an audiobook and decided the Federal Reserve needs to go. That’s not a joke, that’s the actual legislative origin story of H.R. 1846.
Kentucky Representative Thomas Massie introduced the Federal Reserve Board Abolition Act on March 5, 2025, a bill that would dismantle the Fed’s Board of Governors and its network of regional banks. Massie credits The Bitcoin Standard by Saifedean Ammous, specifically the audiobook version, as the catalyst for his renewed push to eliminate America’s central bank.
What the bill actually does
The bill would repeal the Federal Reserve Act of 1913, effective one year after enactment. All assets and liabilities currently held by the Federal Reserve would transfer to the US Treasury.
Senator Mike Lee of Utah filed a companion bill in the Senate, S. 869, creating a two-chamber effort that at least theoretically gives the initiative a path through both houses of Congress.
