Dear Friends of the American Monetary Institute, (Please forward) An historic development has occurred. Congressman Dennis Kucinich of Ohio, U.S. Presidential Candidate in 2004 and 2008, has introduced legislation requiring disclosure of the kind of information that would have made it much harder for the financiers to create the financial crisis in the first place! This is the most courageous monetary action taken by any congressman or senator in decades, thrusting Congressman Kucinich to the fore in leadership to solve our monetary crisis. View his victory speech conclusion at our website to understand more will follow!
Please ask your congressman and Senators to read it and support it in the 2009 Session. And do let Congressman Kucinich know how much you appreciate his action at _www.kucinich.us_ (http://www.kucinich.us/) The bill is also at _http://www.monetary.org/monetarytransparency.htm_ (http://www.monetary.org/monetarytransparency.htm) And here is the text of H.R. 7260 the Transparency in the Creation of Wealth Act of 2008 110th CONGRESS 2d Session H. R. 7260 <TTITLE>To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, and for other p IN THE HOUSE OF REPRESENTATIVES October 3, 2008 Mr. KUCINICH introduced the following bill; which was referred to the Committee on Financial Services ____________________________________ A BILL <BTITLE>To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, and for other p Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the `Transparency in the Creation of Wealth Act of 2008'. SEC. 2. ESTIMATE OF THE OVERALL MONEY SUPPLY. The Board of Governors of the Federal Reserve System shall devise, calculate and publish a replacement for the discontinued M3 monetary statistic, in order to provide a transparent estimate of the nation's total money supply. SEC. 3. STATISTICAL ESTIMATE OF THE DISTRIBUTION OF WEALTH IN THE UNITED STATES. The Board of Governors of the Federal Reserve System shall tabulate and publish a statistical description of the current distribution of wealth in the United States by quintile, including a further examination of the uppermost 1% sections by 0.1% each. SEC. 4. CREDIT INSTITUTION SEIGNIORAGE CALCULATION FOR REPORT TO CONGRESS. The Board of Governors of the Federal Reserve System shall calculate and report to the Congress the total annual seigniorage interest income received by financial institutions as a result of their being allowed to create money in the form of the credit they extend above their own cash deposits or reserves prior to extending the loans. SEC. 5. CALCULATIONS FOR THE SEMI-ANNUAL HUMPHREY-HAWKINS TESTIMONY. The Board of Governors of the Federal Reserve System shall calculate and publish semi-annually the loss or gain in economic output due to the deviation of the previous year's actual unemployment rate from the 4% level required by the Humphrey Hawkins Full Employment and Balanced Growth Act of 1978 (15 U.S.C. 3101 et seq.), including such loss or gain, in income by quintile. SEC. 6. ACCESSIBLE STATISTICAL COMPARISONS OF WHERE CREDIT IS BEING DIRECTED . (a) In General- The Board of Governors of the Federal Reserve System shall tabulate and publish data showing the amount of credit and the percentage of credit now being created and directed into each of the following: (1) Public infrastructure. (2) Primary residences. (3) Secondary residences. (4) Stocks, bonds, commodities. (5) Foreign currency and derivatives trading. (6) Mergers and acquisitions. (7) Education. (8) Manufacturing infrastructure. (9) Military expenditures. (b) Additional Analysis- Each category referred to in a paragraph in subsection (a) shall be further analyzed by type, gender, race, wealth status, and location, if applicable. SEC. 7. LAND VALUE CALCULATION FOR THE FLOW OF FUNDS REPORT. The Board of Governors of the Federal Reserve System shall develop a market-based estimate of the value of residential, corporate and publicly owned land and report figures. SEC. 8. FOREIGN DEBT CALCULATION. The Board of Governors of the Federal Reserve System shall make projections, in 10 year increments, of the net foreign debt, and estimate and report on the location of Federal reserve notes, by country and type of holder; including an estimate of lost notes. SEC. 9. GAO AUDIT REQUIREMENT. Notwithstanding the requirements, limitations, and exceptions contained in section 714 of title 31, United States Code, the Comptroller General shall conduct a full audit of the Federal reserve system in every year before a Presidential election year. SEC. 10. IMPROVEMENTS TO THE SURVEY OF CONSUMER FINANCES. The Board of Governors of the Federal Reserve System shall undertake the Survey of Consumer Finances every year. SEC. 11. SUMMARIES OF TOTAL CREDIT MARKET DEBT AND ECONOMIC GROWTH. The Board of Governors of the Federal Reserve System shall publish a summary of total credit market debt, quarterly and annually. SEC. 12. PUBLIC NOTIFICATION REQUIREMENT. The Board of Governors of the Federal Reserve System shall release-- (1) the statistics required to be compiled by this Act at a quarterly news conference; and (2) the survey of consumer finances and the total credit market debt report at an annual news conference. END **************Make your life easier with all your friends, email, and favorite sites in one place. Try it now. (http://www.aol.com/?optin=new-dp&icid=aolcom40vanity&ncid=emlcntaolcom00000010) --~--~---------~--~----~------------~-------~--~----~ This is a Free Speech forum. The owner of this list assumes no responsibility for the intellectual or emotional maturity of its members. If you do not like what is being said here, filter it to trash, ignore it or leave. If you leave, learn how to do this for yourself. If you do not, you will be here forever. -~----------~----~----~----~------~----~------~--~---
