Marjorie Taylor Greene Ally Thomas Massie Polls X Users On Whether He Should Introduce A Bill To Abolish The Federal Reserve — Receives Overwhelming Support

Rep. Thomas Massie (R-Ky.), is seeking public opinion on whether he should propose a bill to abolish the Federal Reserve. The majority of his followers on X, formerly Twitter, voted in favor of the move.

What Happened: On Wednesday, Massie asked his nearly 780,000 followers on X if he should introduce a bill to abolish the Federal Reserve. An overwhelming 87.4% of 97,987 voters were in favor of abolishing the Federal Reserve, while only 2.5% voted to keep it.

Should I introduce a bill to abolish the Federal Reserve?

— Thomas Massie (@RepThomasMassie) May 15, 2024

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The proposition comes amidst a backdrop of recent economic developments. The U.S. inflation data for April came in line with analyst estimates, breaking a three-month streak of higher-than-expected readings. This reignited hopes for a return to the Federal Reserve's 2% inflation target.

Why It Matters: Massie’s poll comes on the heels of his recent alliance with Rep. Marjorie Taylor Greene (R-Ga.) in her campaign to unseat House Speaker Mike Johnson (R-La.).

On Wednesday, the Consumer Price Index showed a year-over-year increase of 3.4% last month. This news, along with slowing price pressures and weaker-than-expected consumer spending.

Data showed that prices of gasoline rose nearly 2.8% in April, a pace quicker than April’s 1.5% rise. Excluding energy and food, the core CPI inflation eased from 3.8% to 3.6% year-over-year, according to the report.

Meanwhile, Federal Reserve Chair Jerome Powell indicated that interest rates may remain higher for longer but reassured that the next rate increase is unlikely. Economist Peter Schiff criticized Powell for not acknowledging that the Fed’s easy monetary policy during the pandemic caused the current inflation problem, suggesting inflation may rise further due to repeated policy mistakes.

Photo via Shutterstock.

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