Reclassify the FED's account, from private to public

The Issue

We demand that Congress:

1.  Instruct the Treasury Department and the Federal Reserve to stop publishing that the Federal Reserve is part of the government,

-- OR --

2.  Formally reclassify the FED’s account as a government account, and forthwith stop interest payments on our own money, AND 6% dividend issues to Federal Reserve member banks from profits of the Federal Reserve. 

This would cure the wholly unnecessary public confusion and public drain of money on this matter of critical national importance.

By reclassifying the Federal Reserve account - and by implication, the Federal Reserve Bank itself - as a public entity, subsumed under Treasury, we would eliminate 19% - and climbing - of the cost of interest on the debt (http://cnsnews.com/news/article/fed-now-largest-owner-us-gov-t-debt-surpassing-china), from the more than 40% of every dollar of income taxes (http://online.wsj.com/article/SB10001424052748704429304574467071019099570.html).  

You can't owe money to yourself.

While a growing society needs more money to meet its productive capacity, in our current system, money can only be raised as a form of debt. Reclassifying the Federal Reserve Account as a Government Account would also allow future money to be created debt-free, something that can currently only be done with coins, stamps, and United States Notes (est. $250 million in circulation).

avatar of the starter
Scott BakerPetition StarterSenior Advisor, Public Banking Institute Board member, Common Ground-USA Building Designer and Originator of the RiverArch: <a href="http://bit.ly/BroadsheetRA1" rel="nofollow">http://bit.ly/BroadsheetRA1</a>
This petition had 28 supporters

The Issue

We demand that Congress:

1.  Instruct the Treasury Department and the Federal Reserve to stop publishing that the Federal Reserve is part of the government,

-- OR --

2.  Formally reclassify the FED’s account as a government account, and forthwith stop interest payments on our own money, AND 6% dividend issues to Federal Reserve member banks from profits of the Federal Reserve. 

This would cure the wholly unnecessary public confusion and public drain of money on this matter of critical national importance.

By reclassifying the Federal Reserve account - and by implication, the Federal Reserve Bank itself - as a public entity, subsumed under Treasury, we would eliminate 19% - and climbing - of the cost of interest on the debt (http://cnsnews.com/news/article/fed-now-largest-owner-us-gov-t-debt-surpassing-china), from the more than 40% of every dollar of income taxes (http://online.wsj.com/article/SB10001424052748704429304574467071019099570.html).  

You can't owe money to yourself.

While a growing society needs more money to meet its productive capacity, in our current system, money can only be raised as a form of debt. Reclassifying the Federal Reserve Account as a Government Account would also allow future money to be created debt-free, something that can currently only be done with coins, stamps, and United States Notes (est. $250 million in circulation).

avatar of the starter
Scott BakerPetition StarterSenior Advisor, Public Banking Institute Board member, Common Ground-USA Building Designer and Originator of the RiverArch: <a href="http://bit.ly/BroadsheetRA1" rel="nofollow">http://bit.ly/BroadsheetRA1</a>

The Decision Makers

United States Congress
United States Congress
United States Congress

Petition Updates

Share this petition

Petition created on March 21, 2012