H.R. 24, the Federal Reserve Transparency Act of 2025. The Bill requires a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.” The Bill was referred to the House Committee on Oversight and Government Reform. There were 46 co-sponsors, all Republican.
On March 5, 2025 Rep. Thomas Massie introduced H.R. 1846, the Federal Reserve Board Abolition Act. Rep. Massie's legislation seeks to abolish the Board of Governors of the Federal Reserve and the Federal Reserve banks. It also repeals the Federal Reserve Act, a 1913 law that created the Federal Reserve System. Co-sponsors of the H.R. 1846 include Rep. Andy Biggs (R-AZ), Rep. Lauren Boebert (R-CO), Rep. Eric Burlison (R-MO), Rep. Kat Cammack (R-FL), Rep. Michael Cloud (R-TX), Rep. Eli Crane (R-AZ), Rep. Marjorie Taylor Greene (R-GA), Rep. Harriet Hageman (R-WY), Rep. Scott Perry (R-PA), Rep. Chip Roy (R-TX). On 3/5/25 the Bill was referred to the House Committee on Financial Services.
On the same date, March 5, 2025, Sen. Mike Lee introduced S 869 to the Senate. The short title of S 869 is the Federal Reserve Board Abolition Act. As introduced it is a companion bill to Massey’s H.R. 1846, i.e., to abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes. There were no co-sponsors. S 869 was read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Upon passage any Federal Reserve funds remaining after the audit are to be transferred to the Secretary of the Treasury and deposited into the General Fund of the Treasury.
Republicans have been introducing the the Federal Reserve Board Abolition Act since 1999 but it hasn’t been reintroduced since 2013. So, why is Massie doing this now?
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