National Emergency Employment Defense Act of 2010
Latest action · Dec 17, 2010 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 17, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
National Emergency Employment Defense Act of 2010 - 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.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Dec 17, 2010 |
Actions 2
Everything that happened, newest first.
- Dec 17, 2010Introduced in House
- Dec 17, 2010Referred to the House Committee on Financial Services.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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, retire public debt and reduce the cost of public investment, and for other public purposes.
- Short Titles as Introduced
- National Emergency Employment Defense Act of 2010
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
- Banking and financial institutions regulation
- Budget deficits and national debt
- Comprehensive health care
- Department of the Treasury
- Economic performance and conditions
- Economics and Public Finance
- Education programs funding
- Elementary and secondary education
- Executive agency funding and structure
- Federal Reserve System
- Government lending and loan guarantees
- Government trust funds
- Health care costs and insurance
- Health care coverage and access
- Health programs administration and funding
- Higher education
- Housing finance and home ownership
- Infrastructure development
- Interest, dividends, interest rates
- Monetary policy
- Preschool education
- Social security and elderly assistance
- State and local finance
- War and emergency powers
Text 1
Each version as it was printed, newest first.
- Dec 17, 2010Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
