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JBS Bulletin: March 2023

End the Fed

Push Back Against the Federal Reserve

by Peter Rykowski, Research Associate and Bulletin Editor

The Federal Reserve is one of the greatest threats to liberty. Its creation in 1913 remains one of the most egregious violations of the U.S. Constitution, and it has the ability to single-handedly manipulate the economy and devalue the U.S. dollar. The Federal Reserve System has caused much damage to our Republic, and it is imperative that Congress fully abolish it. Thankfully, there are several good opportunities this year to rein in the Fed — good initial steps toward full abolition.

At the federal level, H.R. 24, the Federal Reserve Transparency Act of 2023, was recently introduced by U.S. Representative Thomas Massie (R-Ky.). It would require the U.S. Comptroller General to conduct a full audit of the Federal Reserve System. In 2010, the Government Accountability Office conducted a partial audit of the Fed, uncovering massive secret bailouts of banks and corporations, conflicts of interest, and other outrageous activities. By mandating a full audit, H.R. 24 would go much further toward revealing the central bank’s activities.

Currently, H.R. 24 has 53 cosponsors. However, many more representatives need to sign on, and a Senate companion bill should be introduced. Accordingly, contact your U.S. representative and senators, urging them to support H.R. 24 and push for its enactment. For an easy and quick way to do this, use our legislative alert, “Support H.R. 24 to Audit the Federal Reserve,” at https://gojt.us/as68.

States have an important role in pushing back against the Federal Reserve. As the Fed’s very existence violates the U.S. Constitution, state legislators have authority — and a duty — to nullify it under Article VI, and to promote a constitutional monetary policy in its place.

Thankfully, legislation has been introduced in multiple states — including Alaska, Iowa, Kentucky, Minnesota, Mississippi, Missouri, Oklahoma, South Carolina, Tennessee, West Virginia, Wisconsin, and Wyoming — that will do that to varying degrees. Among other actions, these bills would officially recognize gold and silver as legal tender, end state and local taxes on precious metals, and establish state bullion depositories. In addition to recognizing gold and silver as currency, these state-level bills will help nullify the Fed’s unconstitutional grip on monetary policy and reduce state dependence on it.

Accordingly, contact your state legislators in favor of these state-level bills and proposals. The John Birch Society has multiple legislative alerts supporting them, providing an easy way to contact state legislators. To see our full list of alerts, please visit our “End the Fed” action-project page at https://gojt.us/iudm.

Last, but not least, the JBS produces several materials exposing the Federal Reserve and explaining why it should be abolished. One of these materials is the “The Truth About Inflation” pamphlet, which explains in a compact format how the massive inflation our country is experiencing is of the Fed’s own making. Please distribute this pamphlet to others — including via literature drops and having it available at chapter events — to awaken them to the need for abolishing the Fed.