End The Fed

Discussion in 'Politics' started by Kevin_Kennedy, Sep 28, 2008.

  1. Kevin_Kennedy
    Offline

    Kevin_Kennedy Defend Liberty

    Joined:
    Aug 27, 2008
    Messages:
    17,590
    Thanks Received:
    1,581
    Trophy Points:
    205
    Location:
    Ohio
    Ratings:
    +2,027
    Federal Reserve Board Abolition Act (Introduced in House)

    HR 2755 IH

    110th CONGRESS

    1st Session

    H. R. 2755

    To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

    IN THE HOUSE OF REPRESENTATIVES

    June 15, 2007

    Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services

    A BILL

    To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

    SECTION 1. SHORT TITLE.

    This Act may be cited as the `Federal Reserve Board Abolition Act’.

    SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.

    (a) In General- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.

    (b) Repeal of Federal Reserve Act- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.

    (c) Disposition of Affairs-

    (1) MANAGEMENT DURING DISSOLUTION PERIOD- During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System–

    (A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks–

    (i) manage the employees of the Board and each such bank and provide for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished; and

    (ii) manage the assets and liabilities of the Board and each such bank until such assets and liabilities are liquidated or assumed by the Secretary of the Treasury in accordance with this subsection; and

    (B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.

    (2) LIQUIDATION OF ASSETS-

    (A) IN GENERAL- The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.

    (B) TRANSFER TO TREASURY- After satisfying all claims against the Board and any Federal reserve bank which are accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.

    (3) ASSUMPTION OF LIABILITIES- All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.

    (d) Report- At the end of the 18-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Office of Management and Budget shall submit a joint report to the Congress containing a detailed description of the actions taken to implement this Act and any actions or issues relating to such implementation that remain uncompleted or unresolved as of the date of the report.
     
  2. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    Okay...and replace it with what?

    Any idea, Kevin?

    I certainly have a LOT of problems with the FED as constituted right now. (I mean a LOT, a WHOLE LOT)

    But still, some means of controlling the money supply are necessary in an economy like ours, so what's your plan?
     
  3. dilloduck
    Offline

    dilloduck Diamond Member

    Joined:
    May 8, 2004
    Messages:
    53,240
    Thanks Received:
    5,552
    Trophy Points:
    1,850
    Location:
    Austin, TX
    Ratings:
    +6,403
    Anyone who is directly responsible to the taxpayers and can't benefit from their own policy making.
     
  4. AVG-JOE
    Offline

    AVG-JOE American Mutt Staff Member Gold Supporting Member

    Joined:
    Mar 23, 2008
    Messages:
    22,888
    Thanks Received:
    4,882
    Trophy Points:
    260
    Location:
    Your Imagination
    Ratings:
    +7,017
    The concept of a federal bank is not in and of itself bad, but it must be beholding to the people directly and not quasi private / quasi public.

    A true national credit union would not be such a bad thing... as long as control of the money supply was returned to congress. The Federal Reserve has a huge conflict of interest in that department.

    -Joe
     
  5. Paulie
    Offline

    Paulie Platinum Member

    Joined:
    May 19, 2007
    Messages:
    31,547
    Thanks Received:
    4,854
    Trophy Points:
    1,130
    Ratings:
    +15,394
    Yeah, there's that little section in the constitution which I thought covered that PERFECTLY:

    "Congress shall have the power to coin money, and regulate the value thereof"

    Seems pretty clear cut to me.
     
  6. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    Yes and then in 1913 we handed that authority to a "quasi-public/private consortium of privately owned banks called the FED.

    Now understand that MIGHT have been a good idea, but only if that institution understood that their FIRST fudiciary responsibility was to the PEOPLE of the USA.

    Obviously (and I have been bitching about this for years) it has NEVER felt that the wellbeing of the people of the USA was its client.

    Here's why I say that, incidently....

    The Fed always recognizes that increasing wages and/or full employment is inflationary, but never seems to take action when the market hyperinflates (which I submit to you is even more inflationary than an increases in wages or the number of people working)

    At BEST, all one can say is their first loyalty was to the specie, itself, but given what its been doing of late, I'm not at all certain they actually cared all that much about the money's long term value, either.

    I think we need something like a FED, something that is NOT controlled by Congress (for obvious reasons to libertarians and conservatives and THIS liberal, too) but we need a FED which recognizes that the PEOPLE are NOT the enemy of a healthy economy.
     
  7. AVG-JOE
    Offline

    AVG-JOE American Mutt Staff Member Gold Supporting Member

    Joined:
    Mar 23, 2008
    Messages:
    22,888
    Thanks Received:
    4,882
    Trophy Points:
    260
    Location:
    Your Imagination
    Ratings:
    +7,017
    Dude, we didn't hand it to them, they took it.

    You think lobbying congress was invented during the Ford administration?

    The sooner we realize that there are 'some-bodies' out there who have a vested personal and profitable interest in keeping things just the way they are - fucked for the rest of us - the better! If every-bodies economy was looking scary right now, we wouldn't be here.

    If either candidate is truly going to 'change' things for the better, there is a fight ahead. Rivers of cash-flow are not going to be easily diverted.

    If neither candidate is serious about change, it is going to be up to us... 2012 - Perhaps. Perhaps not... maybe sooner.

    -Joe
     
  8. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    Congress agreed to the founding of the FED, and Woodrow Wilson signed the bill.

    Sounds to me like our government might have had something to do with it.

    No, I think it started the day the First Continental Congress convened and has never stopped.

    Oh, you and I are on the same page there, Joe.

    Well...who goes up against the wall, first? And more importantly, who storms the prisons that they said would outlast us all, first, too.

    You? Not me, that's for damned sure.

    The masters of our universe are not serious about REAL change.

    Why would they be?

    This economic system serves them very well.

    Even when we get it back on line, banks will continue to be able to borrow from the FED and one rate and lend to the people at a higher rate, right?

    And THAT is the real source of their power, you know.

    Now, if you really want to change things seriously, then EVERY CITIZEN could borrow directly from a single FEDERAL bank and at EXACTLY the same rate of interest.

    Never gonna happen, though.

    Egalitarianism in finance is NOT something this nation (or any nation!) is even remotely interested in.

    If it was, every citizen could issue his or her own specie, among other things.

    The LEGAL TENDER monopoly is the bedrock upon which class captialism (as we practice it) is based.
     
    Last edited: Sep 28, 2008
  9. Chris
    Offline

    Chris Gold Member

    Joined:
    May 30, 2008
    Messages:
    23,154
    Thanks Received:
    1,958
    Trophy Points:
    205
    Location:
    Virginia
    Ratings:
    +2,089
    Andrew Jackson tried that.

    It led to a decade of financial disaster.

    Has to be the dumbest idea ever.
     
  10. AVG-JOE
    Offline

    AVG-JOE American Mutt Staff Member Gold Supporting Member

    Joined:
    Mar 23, 2008
    Messages:
    22,888
    Thanks Received:
    4,882
    Trophy Points:
    260
    Location:
    Your Imagination
    Ratings:
    +7,017
    That sounds like We, The People National Credit Union...

    I like it!

    -Joe
     

Share This Page