Monthly Archives: October 2011

Dennis Kucinich’s Jobs Bill HR 2990 – Occupy response


H.R. 2990, the National Emergency Employment Defense (NEED) Act of 2011

Congressman Dennis Kucinich’s Jobs Bill to Secure America’s Financial Sovereignty:

The Debt Stops Here

Congressman Kucinich has introduced the NEED Act of 2011, a landmark bill to:

 Create millions of well-paying private sector jobs and rebuild America’s infrastructure

 Pay off the national debt (as it comes due)

 Reduce federal deficits or even eliminate them

 End the fiscal crisis at Federal, State and local levels

 Make the U.S. dollar a stable currency, maintaining its purchasing power over time

All without raising taxes or borrowing.


 Puts the Federal Reserve into the Department of the Treasury to make our monetary policy truly

accountable to Congress and the American people.

 Ends the banks’ special privilege by no longer allowing them to create our money supply when they

make loans, through a simple and non-disruptive accounting change.

 Invests money to renew our crumbling infrastructure, making it fit for the 21st Century; creating real

wealth and millions of good jobs at the same time.


The conflict of interest between private ownership of the 12 Federal Reserve banks and management of

our nation’s monetary policy is ended by incorporating the Federal Reserve into the Department of the

Treasury. The Federal Reserve is put on a budget and made accountable to the American people.

A separate Monetary Authority (part of the Department of the Treasury) made up of experts is made

responsible for managing monetary policy. Its governing principle is to ensure that the money supply is

sufficient to meet the demand in the economy, and is not inflationary or deflationary (i.e., the purchasing

power of our money remains stable). The Federal Reserve executes monetary policy actions.

Banks continue to make profits by lending money that savers and investors make available to them for

that purpose. Banks may also borrow from the Department of the Treasury.

The Monetary Authority advises the Department of the Treasury how much money is needed in the

economy. The Department of the Treasury advises Congress how much recycled or new money is

required to pay off debt as it comes due, and supplement existing revenues to fund infrastructure

renewal, grants and loans to State and local governments, education and other priorities, as appropriated

by Congress.

Congress uses its Constitutional power to authorize the Department of the Treasury to issue money to:

 Pay off the national debt as it comes due. This releases funds for investment in the private sector to

generate more economic activity and revenues — helping to balance everyone’s budget.

 Invest in 21st Century infrastructure renewal. This keeps skills and technology at home and makes the

whole economy work more efficiently, assuring competitive advantage.