U.S. Congressman Thomas Massie (R-KY) has introduced legislation to abolish the Federal Reserve, known as the Federal Reserve Board Abolition Act, HR 1846. Massie argues that the Federal Reserve has lost its ability to effectively set interest rates, and believes it would be beneficial to end the institution. This move revives longstanding debates over centralized monetary control, inflation, and government debt in the United States. The bill represents a significant challenge to the current U.S. financial system and could reshape the future of American monetary policy if enacted.