End The Fed

[Kevin_Kennedy]

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at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.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

 

[editec]

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?

 

[dilloduck]

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?

Anyone who is directly responsible to the taxpayers and can't benefit from their own policy making.

 

[AVG-JOE]

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

 

[Paulie]

Anyone who is directly responsible to the taxpayers and can't benefit from their own policy making.

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.

 

[editec]

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.

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.

 

[AVG-JOE]

Yes and then in 1913 we handed that authority to a "quasi-public/private consortium of privately owned banks called the FED...

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

 

[editec]

Dude, we didn't hand it to them, they took it.

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.

You think lobbying congress was invented during the Ford administration?

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

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.

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

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.

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.

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

-Joe

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.

 

[Chris]

Andrew Jackson tried that.

It led to a decade of financial disaster.

Has to be the dumbest idea ever.

 

[AVG-JOE]

...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...

That sounds like We, The People National Credit Union...

I like it!

-Joe

 

[Paulie]

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.

None of that matters, though. Congress is the only body given authority to regulate our money. The Fed should never have even been allowed no matter how much of a good idea it might have seemed, because it violates the constitution. The SCOTUS should have stepped in and ruled it unconstitutional, but of course they're owned too, so they didn't.

And that bill was snuck through during x-mas break, when most of congress was on holiday leave. You know, like how most of the worst unconstitutional bills are pushed through?

Congress doesn't even have SAY in how the money is regulated and valued, let alone being the body that actually coins and regulates it. The Fed isn't even CLOSE to being constitutionally legal.

 

[Paulie]

It really begs the question:

Why should ANYONE in congress not challenging the legality of the Fed be allowed to retain his or her seat come election time?

 

[Kevin_Kennedy]

The Fed is unaccountable to anyone, they're never audited, and they allow the government to work with a blank checkbook. They're a more secretive organization (of un-elected officials I might add) than the CIA or FBI and nobody seems to have a problem with that.

 

[Federal Farmer]

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?

How about leaving them in place and forcing them to have a 100% reserve?

The Two Step Plan to National Economic Reform and Recovery
1. Directs the Treasury Department to issue U.S. Notes (exactly like Lincoln’s Greenbacks) to pay off the National debt.

2. Increases the reserve ratio private banks are required to maintain from 10% to 100%, thereby terminating their ability to create money, while simultaneously absorbing the funds created to retire the national debt.

Have you watched The Money Masters? Very informative.
Google Search: The Money Masters

Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money." - Sir Josiah Stamp

Your Friend in Freedom
Federal Farmer

 

[Iriemon]

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?

How about leaving them in place and forcing them to have a 100% reserve?

The Two Step Plan to National Economic Reform and Recovery
1. Directs the Treasury Department to issue U.S. Notes (exactly like Lincoln’s Greenbacks) to pay off the National debt.

2. Increases the reserve ratio private banks are required to maintain from 10% to 100%, thereby terminating their ability to create money, while simultaneously absorbing the funds created to retire the national debt.

Have you watched The Money Masters? Very informative.
Google Search: The Money Masters

Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money." - Sir Josiah Stamp

Your Friend in Freedom
Federal Farmer

I appreciate you may have personal moral issues with lending.

But I disagree with with your assertion that essentially eliminating lending will lead to economic recovery.

A great depression that made the one in '29 look mild would be more accurate.

PS private banks can't create money. Where did you get such a crazy idea?

 

[Iriemon]

The Fed is unaccountable to anyone, they're never audited, and they allow the government to work with a blank checkbook. They're a more secretive organization (of un-elected officials I might add) than the CIA or FBI and nobody seems to have a problem with that.

That is absolutely false. Where did you get such an idea? No wonder people have such a misconception about the Fed when they are provided misinformation like that.

The Fed is audited every single year by the Govt Accounting Office as well as a big four accounting firm.

 

[Kevin_Kennedy]

The Fed is unaccountable to anyone, they're never audited, and they allow the government to work with a blank checkbook. They're a more secretive organization (of un-elected officials I might add) than the CIA or FBI and nobody seems to have a problem with that.

That is absolutely false. Where did you get such an idea? No wonder people have such a misconception about the Fed when they are provided misinformation like that.

The Fed is audited every single year by the Govt Accounting Office as well as a big four accounting firm.

Yes, they are audited, except for certain important information which the GAO is not permitted to audit them on.

(b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing. Audits of the Federal Reserve Board and Federal reserve banks may not include—

(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

(3) transactions made under the direction of the Federal Open Market Committee; or

(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

US CODE: Title 31,714. Audit of Financial Institutions Examination Council, Federal Reserve Board, Federal reserve banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency

H.R. 1207, the Federal Reserve Transparency Act, seeks to change that law, however.

H.R. 1207: Federal Reserve Transparency Act of 2009 (GovTrack.us)

 

[Iriemon]

The Fed is unaccountable to anyone, they're never audited, and they allow the government to work with a blank checkbook. They're a more secretive organization (of un-elected officials I might add) than the CIA or FBI and nobody seems to have a problem with that.

That is absolutely false. Where did you get such an idea? No wonder people have such a misconception about the Fed when they are provided misinformation like that.

The Fed is audited every single year by the Govt Accounting Office as well as a big four accounting firm.

Yes, they are audited, except for certain important information which the GAO is not permitted to audit them on.

(b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite examination of an open insured bank or bank holding company only if the appropriate agency has consented in writing. Audits of the Federal Reserve Board and Federal reserve banks may not include—

(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

(3) transactions made under the direction of the Federal Open Market Committee; or

(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

US CODE: Title 31,714. Audit of Financial Institutions Examination Council, Federal Reserve Board, Federal reserve banks, Federal Deposit Insurance Corporation, and Office of Comptroller of the Currency

H.R. 1207, the Federal Reserve Transparency Act, seeks to change that law, however.

H.R. 1207: Federal Reserve Transparency Act of 2009 (GovTrack.us)

OK. We've now clarified your assertion the Fed is "never audited" is completely false. I appreciate this kind of deception is promulgated by Paulians and other anti-Federalists frequently. I will assume you are informed by them and you were just unaware of the fact that the Fed is audited by the GAO and a big 4 accouting firm every single year, and that you were not intentionally lying here.

We can see is what this bill (which is re-introduced every other year by the anit-Federalists) seeks to do is to make Fed Board deliberations open to the public.

I can see arguements to both sides that Govt ought to operate in "sunshine" so that there are no closed door deliberations. On the other hand, I can also see why it would be important for members of the FRB to be able to discuss there views of money policy frankly without fear of how it will impact the economy at large.

We know the entire financial community hangs on the statements of the chairman. If his pronunciations are even slightly negative that can spark a sell off. I could see that a board member expressing his views of problems and policy, even if wrong, setting off a panic.

I'm not convinced that these meetings should be open to the publc.

 

[PubliusInfinitum]

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....

It is a wonderful idea...

It's not going to happen, but it is a GREAT idea, nonetheless.

If we could get a bill to end Bawney Fwank and the Caucus of Congressional Communists who just happen to be black, that would go a LONG way towards unscrewing the US economy, as it would strip the left of its means to undermine US markets through incessant left-think meddling.


There are many reasons and people who are responsible for the stupendous errors in judgment that lead to this economic catastrophe... but there are NO LESS responsible entities than the Federal Reserve, Bawney Fwank and theCaucus of Congressional Communists who just happen to be black.

Would anyone care to guess what 'reserve' was responsible for the threats to the Mortgage industry that red-lining policy which prohibited the creation of mortgages on properties which rest in areas with viturally no chance of maintaining stable market values, or producing sufficient revenues to sustain the repayment of the mortgage loan?

Here's a clue... its the reserve which rhymes with Schmederal... and would anyone care to guess what Fwank was the leading cheer-leader which advanced the most vociferous threats against the US Mortgage industry to sue them on civil rights grounds, if they did not comply with the demand of the Schmederal Reserve... It's the Fwank that rhymes with Fawney...

Of course Fawney Fwank is TODAY declaring his long time advocacy of Renting for low income people; projecting that it was CONSERVATIVES who demanded that long standing actuarial threshold of sound mirtgage lending be set aside to given poor people homes... and this because they're greedy *&($&@$... who wanted to take advantage... this despite his decades long advocacy wherein he DEMANDED that banks lend to underqualified applicants of home mortgages...



Fannie Mae's Patron Saint - WSJ.com

Frank's fingerprints are all over the financial fiasco - The Boston Globe

FRB: Community Reinvestment Act

http://www.bos.frb.org/commdev/commaff/closingt.pdf

It also can't be stated enough here, due to it rarely being stated elsewhere, that the Bush administration sought VERY early in their FIRST TERM to put systems into place which would regulate Fannie, Freddy and the absurd left-think which had stubbornly rejected ANY policy which would rebuild viable, sustainable thresholds to mortgage lending.

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - The New York Times

Beyond that, the entire 'bailout' is little more than the Federal Reserve's DESPERATE ATTEMPT to conceal the failures intrinsic to their patented 'fractional banking'... which is how their first foray into economy management resulted in the Great Depression...

Frankly, at this point, the Progressive, Social Science notions on which the Fed was formed have been thoroughly discredited and there is no basis in reasoning for NOT striking it completely and returning the US Currency to a note tied to something tangible...

 

[Iriemon]

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....

It is a wonderful idea...

It's not going to happen, but it is a GREAT idea, nonetheless.

If we could get a bill to end Bawney Fwank and the Caucus of Congressional Communists who just happen to be black, that would go a LONG way towards unscrewing the US economy, as it would strip the left of its means to undermine US markets through incessant left-think meddling.


There are many reasons and people who are responsible for the stupendous errors in judgment that lead to this economic catastrophe... but there are NO LESS responsible entities than the Federal Reserve, Bawney Fwank and theCaucus of Congressional Communists who just happen to be black.

Would anyone care to guess what 'reserve' was responsible for the threats to the Mortgage industry that red-lining policy which prohibited the creation of mortgages on properties which rest in areas with viturally no chance of maintaining stable market values, or producing sufficient revenues to sustain the repayment of the mortgage loan?

Here's a clue... its the reserve which rhymes with Schmederal... and would anyone care to guess what Fwank was the leading cheer-leader which advanced the most vociferous threats against the US Mortgage industry to sue them on civil rights grounds, if they did not comply with the demand of the Schmederal Reserve... It's the Fwank that rhymes with Fawney...

Of course Fawney Fwank is TODAY declaring his long time advocacy of Renting for low income people; projecting that it was CONSERVATIVES who demanded that long standing actuarial threshold of sound mirtgage lending be set aside to given poor people homes... and this because they're greedy *&($&@$... who wanted to take advantage... this despite his decades long advocacy wherein he DEMANDED that banks lend to underqualified applicants of home mortgages...



Fannie Mae's Patron Saint - WSJ.com

Frank's fingerprints are all over the financial fiasco - The Boston Globe

FRB: Community Reinvestment Act

http://www.bos.frb.org/commdev/commaff/closingt.pdf

It also can't be stated enough here, due to it rarely being stated elsewhere, that the Bush administration sought VERY early in their FIRST TERM to put systems into place which would regulate Fannie, Freddy and the absurd left-think which had stubbornly rejected ANY policy which would rebuild viable, sustainable thresholds to mortgage lending.

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - The New York Times

Beyond that, the entire 'bailout' is little more than the Federal Reserve's DESPERATE ATTEMPT to conceal the failures intrinsic to their patented 'fractional banking'...

Well, I'd be interested to hear your argument as to why the Fed should be abolished, and what your would propose as an alternative for controlling the money supply.

(Hint: Barney Frank, despite his speech impediment you ridicule him for, is not with the Fed).