The Financial Institutions and Consumer Credit Subcommittee
President of the United States
U.S. House of Representatives
Rep. Grace Meng, New York-06
Rep. Adam Kinzinger, Illinois-16
Rep. Bill Keating, Massachusetts-09
Rep. Walter Jones, North Carolina-03
Rep. Mel Watt, North Carolina-12
Rep. George Holding, North Carolina-13
Rep. Carolyn McCarthy, New York-04
Rep. Gregory Meeks, New York-05
Rep. Luis Gutierrez, Illinois-04
Rep. Carolyn Maloney, New York-12
Rep. Joseph Crowley, New York-14
Rep. Ruben Hinojosa, Texas-15
Rep. Jeb Hensarling, Texas-05
Rep. Shelley Capito, West Virginia-02
Rep. Michael Turner, Ohio-10
Rep. Jim Renacci, Ohio-16
Rep. John Carney, Delaware-01
Rep. David Scott, Georgia-13
Rep. Maxine Waters, California-43
Rep. Lucille Roybal-Allard, California-40
As you may be aware, the outdated US monetary system has been in place since the Federal Reserve Act of 1913. The adoption of that act abdicated the authority of the Federal Government to create money and gave it to the private Federal Reserve system. It is time that the US modernize its monetary policies and reclaim its constitutionally granted authority to originate, spend, and lend money into...
As you may be aware, the outdated US monetary system has been in place since the Federal Reserve Act of 1913. The adoption of that act abdicated the authority of the Federal Government to create money and gave it to the private Federal Reserve system. It is time that the US modernize its monetary policies and reclaim its constitutionally granted authority to originate, spend, and lend money into circulation as needed. H.R. 2990, the NEED Act of 2011, does just that. It replaces the current Federal Reserve system in an orderly manner, ending the Fed as we know it.
The current system, as practiced under the Federal Reserve, is a debt-based monetary system, where money comes into existence primarily through private bank lending. This can neither create nor sustain a stable economic environment, and has proven to be a source of chronic financial instability and frequent crisis, as evidenced by the near collapse the financial system in 2008. It has also resulted in a situation where unaccountable private financial institutions have an undue influence over public policy.
H.R. 2990 creates a Monetary Authority which will pursue a monetary policy based upon the governing principal that the supply of money in circulation shall not be inflationary or deflationary in and of itself, but will be sufficient to allow goods and services to trade freely and in a balanced manner. It will maintain the long-term growth of the system, provide for efficient public investment in capital infrastructure, and effectively promote the goals of maximum employment, price stability, and long-term interest stability.
It is time to put America back to work. Please do what you can to support H.R. 2990 - The National Emergency Employment Defense Act of 2011. I ask that you cosponsor this bill, or the Senate version of it, do what you can to bring the bill to a vote on the floor, and support it once it gets there.
Thank you for your time in this matter, and I look forward to your response and action on this important issue.