H.R. 2990 (112th): National Emergency Employment Defense Act of 2011

Introduced:
Sep 21, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee) in a previous session of Congress

This bill was introduced on September 21, 2011, in a previous session of Congress, but was not enacted.

Introduced
Sep 21, 2011
 
Sponsor
Dennis Kucinich
Representative for Ohio's 10th congressional district
Party
Democrat
Text
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Last Updated
Sep 21, 2011
Length
46 pages
Related Bills
H.R. 6550 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Dec 17, 2010

 
Full Title

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.

Summary

No summaries available.

 
Cosponsors
1 cosponsors (1D) (show)
Committees

House Financial Services

Domestic Monetary Policy and Technology

Financial Institutions and Consumer Credit

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


9/21/2011--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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