It's Back !- HR 6550 Legislation To End The Federal Reserve is back in committee now as HR2990

I only just came across this myself by chance. I'm stunned to see it being discussed again so quickly after it's initial listing in 2010. Does someone have plans? did someone say Ron Paul, lol.

It was discussed in a thread under its original House number 6550 here;
HR 6550 - Legislation To End The Federal Reserve

I don't know the story yet on who and why it was raised again, but will do more searching when I have the time, all contributors welcome

The previous thread was interesting, but as it's election time and Ron Paul was a supporter of 6550 I'm surprised to have not heard it's mention lately.

For those not familiar with 6550/2990 and are disgruntled with the current financial system your in for an enjoyable read, I think, if you download the bill and understand what it wants to do.

Official Summary
The following summary was written by the Congressional Research Service, a nonpartisan arm of the Library of Congress, which serves Congress. GovTrack did not write and has no control over these summaries.

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
(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.

To track the Bill:
H.R. 2990: National Emergency Employment Defense Act of 2011

ETA
Full Text of Bill:
H.R. 2990: National Emergency Employment Defense Act of 2011

This is the installation of socialism all at once. Are they insane? Just end the fed. Don't enslave us.

Well fractional reserve banking does need to go, but in the end it would be nice to have money that was worth more than the paper it's printed on, or, once it hits the stock market, the paper it's not printed on

This would be a step in the right direction I think. I would be afraid of tptb riding the current wave of end the fedders to slip something past that's even more diabolical. I can't put it past the jackasses

reply to post by ukWolf


Why are you stunned? Is not SOPA already back as CISPA a few weeks later after ACTA? Are we not being bombarded with the same thing in different formats when it is for something bad already, why stunned when something that will actually do something good comes back 2 years later and gets voted down?

Go Ron Paul

The FEDs hundred years lease on the lives of americans is up and it time to piss off back to Israel or be removed by force.

reply to post by Monsatan


Could the "worthless" paper can be exchanged for gold, this can be your store of wealth ?

Many advocate that we do this already.

reply to post by NeoVain


"Stunned" - I can't believe its back so soon, I did think at the time of 6550 that it was issued so that it could be resurected at some later date, but just not so soon.

reply to post by DarthMuerte


I though we were already enslaved in the debt/money financial world

2nd

reply to post by ukWolf


Wow that's a whole lot to sink in. So does this mean we need to take money out of banks and soon?

I know most would say yes, but the paid disinfo shills will say move along nothing to see here lol

Everyone needs to get behind this bill. Call your representatives and let them kow they need to pass this bill. This is the only sane way to handle our money. There is nothing in the world that can back the amounts of currency we need to operate our country and our economy,. Pure fiat is what we need, but it will represent the amount of work and productivity that takes place in our country. This bill is 100% what we need.

reply to post by mytheroy


I think you've answered your own question there Mytheroy

reply to post by sligtlyskeptical


Sound advice there slightlyskeptical.

Glad too see you have no doubts about supporting the Bill

Did I read this right?

A 1 to 1 exchange on Federal Reserve Notes, the actual printed ones, is fair and reasonable.

A 1 to 1 exchange on all Federal Reserve currency, the non-printed currency, interest obligations, the glut due to fractional reserve banking practices, etc... is not fair and reasonable. In fact it would devalue this new US currency beyond the current Federal Reserve Notes. After all there seems to be some $700 Trillion out there but only about $3.5 Trillion in actual printed notes.

That isn't just shooting yourself in the foot. That is taking a running leap into the hangman's noose, stabbing yourself in the gut several times, spitting in Chuck Norris's face and then shooting yourself in the foot.

reply to post by Ahabstar


Hah, I don't think spitting in Chucks face is even possible, just thinking about doing something like that would be instant death. But everything else you said, I 100% agree.

I think this is going to be a disaster. Oddly enough, I really dont think there is any possibility of saving this system. We have reached the point of no return long ago, people just dont see it. Because of the financial system we live in, DEBT, it just sllllowwws the approach to the bottom falling out, but when it happens, it will happen fast.

Originally posted by Ahabstar
Did I read this right?

A 1 to 1 exchange on Federal Reserve Notes, the actual printed ones, is fair and reasonable.

A 1 to 1 exchange on all Federal Reserve currency, the non-printed currency, interest obligations, the glut due to fractional reserve banking practices, etc... is not fair and reasonable. In fact it would devalue this new US currency beyond the current Federal Reserve Notes. After all there seems to be some $700 Trillion out there but only about $3.5 Trillion in actual printed notes.

That isn't just shooting yourself in the foot. That is taking a running leap into the hangman's noose, stabbing yourself in the gut several times, spitting in Chuck Norris's face and then shooting yourself in the foot.

I have a challenge for you. If we get rid of the fractional reserve system, how much money will the economy need to operate properly and allow adequate retirement savings? I figure that the average American is about 40 years old and a 40 year old should have about $100,000 in savings in order to be on target for retirement. 350 million americans with an average of $100,000 means that we need $35 Trillion in circulation at the minimum. Doesn't even count the amount of money that is needed to run businesses and such.

Right now we have about a Trillion in circulation or about $2500 for every American. All our other wealth is directly offset by debt through the fractional reserve system. Is it any wonder that most have trouble becoming economically stable? All our wealth is debt and this bill fixes that problem.

Originally posted by Ahabstar
Did I read this right?

A 1 to 1 exchange on Federal Reserve Notes, the actual printed ones, is fair and reasonable.

A 1 to 1 exchange on all Federal Reserve currency, the non-printed currency, interest obligations, the glut due to fractional reserve banking practices, etc... is not fair and reasonable. In fact it would devalue this new US currency beyond the current Federal Reserve Notes. After all there seems to be some $700 Trillion out there but only about $3.5 Trillion in actual printed notes.

That isn't just shooting yourself in the foot. That is taking a running leap into the hangman's noose, stabbing yourself in the gut several times, spitting in Chuck Norris's face and then shooting yourself in the foot.

You did... It's still a sham purchasing any form of asset from the Fed... First off, the institution is fraudulent. Secondly, all branches are insolvent. If this requires a bill, one should be drafted to place banking into receivership.

tell me how this will be any better
tell me how this will not cause runaway inflation

Tell me how this will make anything better,
and not make anything worse.

ok, show me what more "Hope In Change" will really do!!!

this will not change OPEC or National Debt or Gross Domestic Product.

somebody elses Idealism doesn't put food on my families table

inflation (working 40 hrs to purchase less and less)...gold, silver, has no respect to GDP and Consumer Price Index

I would be very careful about the support of this Bill until you find out where it originated, who is supporting it, and the full contents of such.

I am not so trustworthy that this is simply an "End the Fed" situation that would benefit the America people. I will be doing more research before it garners my support.

not to be pessimistic but wouldn't the reign of the FED end in 2013 anyways?

or am i mistaken?

someone enlighten me please

reply to post by gwydionblack


The basis for the Bill originated at the American Money Institute and the work of Stephen Zaralenga

Wiki - American Money Institute

The Bill was introduced by Denis Kucinich and is co-sponsored by John Conyers

Full Text of Bill Here