Kucinich Creates Bill to Kill the FED!!!! HR2990

Washington, Sep 4 –

As Members of the Democratic Party converge in Charlotte, North Carolina, Congressman Dennis Kucinich (D-OH) today called for bold action to create jobs.

“Later this week President Obama will accept the Democratic nomination for President at the Bank of America stadium in Charlotte, North Carolina. The backdrop will be an unemployment rate that has been over 8% for about three years, and over 12 million Americans remain jobless. Charlotte is second largest financial capital in the United States, so it is perhaps fitting that the attention be here, because the banks—and the Federal Reserve that supports those banks—are very much in control of our nation’s economic destiny right now.

“It is time for us to face the fact that leaving the enormous and devastating problem of lowering the unemployment rate up to the Federal Reserve is a mistake that we have to change. Though the Fed has a mandate to maximize employment, most of what it has done has had the effect of expanding bank balance sheets. Tellingly, the Federal Reserve is not acting to achieve its mandate of maximum unemployment, but instead is targeting an unemployment rate of between six and seven percent. And last week, the Fed Chairman hinted that more quantitative easing is coming. This has been great for corporate profits, but it hasn’t done nearly enough to stimulate businesses to hire workers or to stimulate demand in the economy.

“We cannot leave the economic well-being of millions of Americans in the hands of an entity that serves the private financial institutions. Instead they’re talking about the same old solution that hasn’t made much of a difference so far: quantitative easing.

“We have trillions of dollars in crumbling infrastructure that private banks are not doing anything to fix, and neither is the Fed. If we want to strengthen our economy, it is time we stopped waiting and hoping for substantive action from the Fed Chairman.

“This has to change. We have to change it. Now is our time.” LOOK ——>


Latest Title: National Emergency Employment Defense Act of 2011
Sponsor: Rep Kucinich, Dennis J. [OH-10] (introduced 9/21/2011) Cosponsors (1)
Latest Major Action: 10/21/2011 Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.

National Emergency Employment Defense Act of 2011 – Replaces Federal Reserve notes with United States Money.

Instructs the Secretary of the Treasury to originate United States Money to address any negative fund balances resulting from a shortfall in available government receipts to fund government appropriations.

Subjects to criminal and civil penalties any person who creates or originates United States Money by lending against deposits through “fractional reserve banking.”

Prohibits borrowing by the Secretary or by any federal agency or department, independent establishment of the executive branch, or any other instrumentality of the United States (other than a national bank, federal savings association, or federal credit union) from any source other than the Secretary.

Requires the Secretary to begin to retire all outstanding instruments of U.S. indebtedness by payment in full of the amount legally due the bearer in United States Money.

Prescribes requirements for the entry of United States Money into circulation.

Directs the Secretary to purchase all net assets in the Federal Reserve System, including the Federal reserve banks. Requires return to any member bank in the form of United States Money of any reserves held by any Federal reserve bank.

Establishes: (1) the Monetary Authority to establish monetary supply policy and monitor the nation’s monetary status, (2) the Bureau of the Federal Reserve to administer the origination and entry into circulation of United States Money, (3) the Emergency Board to recommend to Congress when a national emergency requires the President to issue a certification of emergency for the exercise of authority by the Monetary Authority as lender of last resort, and (4) a revolving loan fund in the Treasury for relending to banking institutions.

Sets forth a conversion process to replace fractional reserve banking with the lending of United States Money.

Sets a ceiling on interest rates.

Requires the Monetary Authority to instruct the Secretary to disperse monetary grants to states for public infrastructure, education, health care and rehabilitation, pensions, and paying for unfunded federal mandates.

Directs the Secretary to make recommendations to Congress for payment of a tax-free Citizens Dividend to all U.S. citizens residing in the United States in order to provide liquidity to the banking system at the commencement of this Act, before governmental infrastructure expenditures have had a chance to work into circulation.

Prescribes requirements for federal funding of education programs, coverage of any deficits in Social Security Trust Fund account, a universal health care plan, resolution of aspects of the mortgage crisis, and a program of interest-free lending of United States Money to state and local governmental entities.

The Library of Congress > THOMAS Home > Bills, Resolutions >
Latest Title: National Emergency Employment Defense Act of 2011
Sponsor: Rep Kucinich, Dennis J. [OH-10] (introduced 9/21/2011) Cosponsors (1)
Latest Major Action: 10/21/2011 Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
ALL ACTIONS: 9/21/2011:Referred to the House Committee on Financial Services. 10/21/2011:Referred to the Subcommittee on Domestic Monetary Policy and Technology. 10/21/2011:Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Where it sits and dies like all of us a slow and debilitating starvation type death!!!

One thought on “Kucinich Creates Bill to Kill the FED!!!! HR2990

  1. Since most of your elected other members of the house ARE in the hands
    of corporations It’s like talking to the HAND! But it is refreshing there are a few
    that still know we the people are out here.

Please let us know what your thinking.

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