Federal Reserve Board Abolition Act of 2007 - Revision history

Isabellecutting at 20:55, July 13, 2009

2009-07-13T20:55:57Z

← Older revision		Revision as of 20:55, July 13, 2009
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−	{{Economic Policy (U.S.)\|congress=110\|bill=h2755}}	+	{{Economic Policy (U.S.)\|congress=110\|bill=h2755}}

−	The '''Federal Reserve Board Abolition Act''' ([http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h2755: H.R. 2755]) was introduced by Rep. [[Ron Paul]] (R-Texas) on June 15, 2007, and was then referred to the [[House Committee on Financial Services\|Committee on Financial Services]]. If passed, the bill would abolish the Federal Reserve Board.	+	{{Article summary\| The '''Federal Reserve Board Abolition Act''' ([http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h2755: H.R. 2755]) was introduced by Rep. [[Ron Paul]] (R-Texas) on June 15, 2007, and was then referred to the [[House Committee on Financial Services\|Committee on Financial Services]]. If passed, the bill would abolish the Federal Reserve Board. }}

−	==Bill summary==	+	== Bill summary ==
−	The ''Federal Reserve Board Abolition Act'' would abolish the Board of Governors of the [[Federal Reserve System]] at the end of a one year period from the date that the bill was enacted. Assets and liabilities of the Board would be liquidated or assumed by the Secretary of the Treasury.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS.''</ref>	+

−	~~<USbillinfo congress="110"~~ bill="H.R.~~2755"~~ />	+	The ''Federal Reserve Board Abolition Act'' would abolish the Board of Governors of the [[Federal Reserve System]] at the end of a one year period from the date that the bill was enacted. Assets and liabilities of the Board would be liquidated or assumed by the Secretary of the Treasury.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS.''</ref>

−	==~~Past legislation==~~	+	<usbillinfo congress="110" bill="H.R.2755" />
−	~~Rep~~. ~~[[Ron Paul]] sponsored the act in the 106th, 107th, and 108th Congresses, though it never made it out of committee and it never received any co-sponsors~~.	+

−	==~~Introductory remarks==~~	+	== Past legislation ==
−	~~Rep. [[Ron Paul\|Paul]] originally proposed the act as a means of introducing "~~legislation ~~to restore financial stability to America's economy by abolishing the Federal Reserve".~~ ~~He argued,~~	+
−	<blockquote>Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS.''</ref></blockquote>	+

−	~~<blockquote>From~~ the ~~Great Depression, to~~ the ~~stagflation of the seventies~~, ~~to the burst of the dotcom bubble~~, ~~every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money~~, ~~leading to a misallocation~~ of ~~resources~~ and ~~an artificial "boom" followed by a recession or depression when the Fed~~-~~created bubble bursts.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS~~.~~''</ref></blockquote>~~	+	Rep. [[Ron Paul]] sponsored the act in the 106th, 107th, and 108th Congresses, though it never made it out of committee and it never received any co-sponsors.

−	==~~To the U.S. House of Representatives~~==	+	== Introductory remarks ==
−	~~On September 10, 2002, Rep. [[Ron Paul\|Paul]] addressed the U.S. House of Representatives saying,~~	+

−	<blockquote>~~"Abolishing~~ the Federal Reserve ~~will allow Congress to reassert its constitutional authority over~~ monetary policy. ~~The United States Constitution grants~~ to ~~Congress~~ the ~~authority~~ to ~~coin money and regulate~~ the ~~value~~ of the ~~currency. The Constitution does not give Congress~~ the ~~authority to delegate control~~ over ~~monetary policy~~ to ~~a central bank~~. ~~Furthermore,~~ the ~~Constitution certainly does not empower the federal government~~ to ~~erode the American standard~~ of ~~living via~~ an ~~inflationary monetary policy.~~"</blockquote>	+	Rep. [[Ron Paul\|Paul]] originally proposed the act as a means of introducing "legislation to restore financial stability to America's economy by abolishing the Federal Reserve". He argued,
		+	<blockquote>Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS.''</ref></blockquote> <blockquote>From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble, every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial "boom" followed by a recession or depression when the Fed-created bubble bursts.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS.''</ref></blockquote>
		+	== To the U.S. House of Representatives ==

−	<blockquote>"In fact, Congress' constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy."<ref>Ron Paul. [http://www.house.gov/paul/congrec/congrec2002/cr091002b.htm "Abolish the Federal Reserve,"] ''U.S. House of Representatives.'' September 10, 2002.</ref></blockquote>	+	On September 10, 2002, Rep. [[Ron Paul\|Paul]] addressed the U.S. House of Representatives saying,
		+	<blockquote>"Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy."</blockquote> <blockquote>"In fact, Congress' constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy."<ref>Ron Paul. [http://www.house.gov/paul/congrec/congrec2002/cr091002b.htm "Abolish the Federal Reserve,"] ''U.S. House of Representatives.'' September 10, 2002.</ref></blockquote>
		+	== Articles and resources ==

−	~~==Articles and resources==~~	+	=== See also ===
−	===See also===	+
−	~~===References===~~	+
−	~~<references/>~~	+

−	===~~External resources===~~	+	=== References ===
−	~~===External articles~~===	+

−	[[~~category~~:~~United States~~]][[~~category~~:U.S. ~~legislation~~]][[~~category~~:~~economics~~]]	+	<references />
−	~~{{congresspedia}}~~	+
		+	=== External resources ===
		+
		+	=== External articles ===
		+
		+	{{congresspedia}}
		+
		+	[[Category:United_States]] [[Category:U.S._legislation]] [[Category:Economics]]

Conor Kenny: Text replace - '=Related SourceWatch articles=' to '=See also='

2009-04-10T05:27:40Z

Text replace - '=Related SourceWatch articles=' to '=See also='

← Older revision		Revision as of 05:27, April 10, 2009
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	==Articles and resources==		==Articles and resources==
−	===~~Related SourceWatch articles~~===	+	===See also===
	===References===		===References===
	<references/>		<references/>

Conor Kenny: Text replace - '===Sources===' to '===References==='

2009-04-09T22:51:39Z

Text replace - '===Sources===' to '===References==='

← Older revision		Revision as of 22:51, April 9, 2009
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	==Articles and resources==		==Articles and resources==
	===Related SourceWatch articles===		===Related SourceWatch articles===
−	===~~Sources~~===	+	===References===
	<references/>		<references/>

Conor Kenny at 20:16, April 9, 2009

2009-04-09T20:16:57Z

← Older revision		Revision as of 20:16, April 9, 2009
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−	{{U.S. ~~legislation~~\|congress=110\|bill=h2755}}	+	{{Economic Policy (U.S.)\|congress=110\|bill=h2755}}

	The '''Federal Reserve Board Abolition Act''' ([http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h2755: H.R. 2755]) was introduced by Rep. [[Ron Paul]] (R-Texas) on June 15, 2007, and was then referred to the [[House Committee on Financial Services\|Committee on Financial Services]]. If passed, the bill would abolish the Federal Reserve Board.		The '''Federal Reserve Board Abolition Act''' ([http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h2755: H.R. 2755]) was introduced by Rep. [[Ron Paul]] (R-Texas) on June 15, 2007, and was then referred to the [[House Committee on Financial Services\|Committee on Financial Services]]. If passed, the bill would abolish the Federal Reserve Board.

WikiSysop: Import from Congresspedia

2009-02-03T21:27:08Z

Import from Congresspedia

← Older revision		Revision as of 21:27, February 3, 2009
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		+	{{U.S. legislation\|congress=110\|bill=h2755}}
		+
	The '''Federal Reserve Board Abolition Act''' ([http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h2755: H.R. 2755]) was introduced by Rep. [[Ron Paul]] (R-Texas) on June 15, 2007, and was then referred to the [[House Committee on Financial Services\|Committee on Financial Services]]. If passed, the bill would abolish the Federal Reserve Board.		The '''Federal Reserve Board Abolition Act''' ([http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h2755: H.R. 2755]) was introduced by Rep. [[Ron Paul]] (R-Texas) on June 15, 2007, and was then referred to the [[House Committee on Financial Services\|Committee on Financial Services]]. If passed, the bill would abolish the Federal Reserve Board.

WikiSysop: Import from Congresspedia

2008-11-13T21:48:11Z

Import from Congresspedia

New page

The '''Federal Reserve Board Abolition Act''' ([http://thomas.loc.gov/cgi-bin/bdquery/z?d110:h2755: H.R. 2755]) was introduced by Rep. [[Ron Paul]] (R-Texas) on June 15, 2007, and was then referred to the [[House Committee on Financial Services|Committee on Financial Services]]. If passed, the bill would abolish the Federal Reserve Board.

==Bill summary==
The ''Federal Reserve Board Abolition Act'' would abolish the Board of Governors of the [[Federal Reserve System]] at the end of a one year period from the date that the bill was enacted. Assets and liabilities of the Board would be liquidated or assumed by the Secretary of the Treasury.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS.''</ref>

<USbillinfo congress="110" bill="H.R.2755" />

==Past legislation==
Rep. [[Ron Paul]] sponsored the act in the 106th, 107th, and 108th Congresses, though it never made it out of committee and it never received any co-sponsors.

==Introductory remarks==
Rep. [[Ron Paul|Paul]] originally proposed the act as a means of introducing "legislation to restore financial stability to America's economy by abolishing the Federal Reserve". He argued,
<blockquote>Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve's inflationary policies. This represents a real, if hidden, tax imposed on the American people.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS.''</ref></blockquote>

<blockquote>From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble, every economic downturn suffered by the country over the last 80 years can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial "boom" followed by a recession or depression when the Fed-created bubble bursts.<ref>[http://thomas.loc.gov/cgi-bin/bdquery/z?d108:h.r.02778: THOMAS page on H.R. 2778]. ''THOMAS.''</ref></blockquote>

==To the U.S. House of Representatives==
On September 10, 2002, Rep. [[Ron Paul|Paul]] addressed the U.S. House of Representatives saying,

<blockquote>"Abolishing the Federal Reserve will allow Congress to reassert its constitutional authority over monetary policy. The United States Constitution grants to Congress the authority to coin money and regulate the value of the currency. The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank. Furthermore, the Constitution certainly does not empower the federal government to erode the American standard of living via an inflationary monetary policy."</blockquote>

<blockquote>"In fact, Congress' constitutional mandate regarding monetary policy should only permit currency backed by stable commodities such as silver and gold to be used as legal tender. Therefore, abolishing the Federal Reserve and returning to a constitutional system will enable America to return to the type of monetary system envisioned by our nation's founders: one where the value of money is consistent because it is tied to a commodity such as gold. Such a monetary system is the basis of a true free-market economy."<ref>Ron Paul. [http://www.house.gov/paul/congrec/congrec2002/cr091002b.htm "Abolish the Federal Reserve,"] ''U.S. House of Representatives.'' September 10, 2002.</ref></blockquote>

==Articles and resources==
===Related SourceWatch articles===
===Sources===
<references/>

===External resources===
===External articles===

[[category:United States]][[category:U.S. legislation]][[category:economics]]
{{congresspedia}}