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That's certainly an understatement. The bill wouldn't just abolish the Board of Governors as mentioned in the title; it would repeal the Federal Reserve Act in
by duskwuff 2y ago
That's certainly an understatement. The bill wouldn't just abolish the Board of Governors as mentioned in the title; it would repeal the Federal Reserve Act in its entirety, leaving the US with no central bank.
It's hard to overstate just how wildly irresponsible and self-destructive of an act this would be. It's not even clear what it would mean, given how dramatically the US financial system has grown and changed since 1913.