HR 2990 IH
H. R. 2990
To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States; and for other public purposes.
IN THE HOUSE OF REPRESENTATIVES
September 21, 2011
Mr. KUCINICH (for himself and Mr. CONYERS) introduced the following bill; which was referred to the Committee on Financial Services
SECTION 1. SHORT TITLE.
This Act may be cited as the 'National Emergency Employment Defense Act of 2011'.
It's a good start, but it has many problems and unnecessary layers remaining.
The authority of the Federal government to borrow should be removed. It's not necessary.
We don't need a "Monetary Authority."
The Monetary Authority should simply be the Secretary of the Treasury.
The Federal Reserve should be nationalized but then dissolved ASAP.
The US should not lend money to banks. Having the US be a lender to banks makes the US a wholesaler to banks as retailers. That's a very bad idea.
If there is to be any private-bank retail lending, then such banks can lend based upon deposits and not loans from the US.
In addition, the amount of money in supply should be regulated in real-time (just the way huge corporations manage "just-in-time" inventory: automated), not by a committee.
Also, all Federal Reserve Notes should be nationalized in one fell swoop at the time the Federal Reserve is nationalized.
Lastly, this Act doesn't address immediately paying off the National Debt (retiring all bonds).
It also doesn't address replacing taxes with money issuance such that no taxes ever need be collected by the government.