Federal+Reserve+3

This House would Drop the Fed **//__ Definitions __//** This House - The United States Congress The Federal Reserve - the central bank which controls the Monetary Supply of the United States. The Fed is a private bank, but its leadership is appointed by the President of the United States and confirmed by the United States Senate Drop - Abolish Article 1 Sec 8 of the US Constitution states, "The Congress shall have power ... To coin money, [and] regulate the value thereof." The Federal Reserve System is the third try at a central banking system in the United States. The First Bank of the United States (1791-1811) and the __Second__ __ Bank of the United States __ (1816-1836) each had 20-year charters, and both issued currency and made commercial loans. Later, a series of retractions of loans and refusal to renew old //oneslcitation needed]// created bank "panics" in 1873, 1893, and 1907. This provided the backdrop for the renewed calls for the creation of a centralized banking system, After the Bank __Panic of 1907,__ Congress created the __National Monetary__ __ Commission __ to draft a plan for reform of the banking system. Senate Republican leader and financial expert __Nelson Aldrich__ headed the Commission. Aldrich set up two commissions — one to study the American monetary system in-depth and the other, headed by Aldrich himself, to study the European central-banking systems and report on them.£2] Aldrich went to Europe opposed to centralized banking, but after viewing Germany's banking system came away believing that a centralized bank was better than the government-issued bond system that he had previously supported. 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. From the Great Depression, to the stagflation of the seventies, to the burst of the dotcom bubble last year, 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. The Congresses has surrendered its Constitutional Authority to what is essentially a private entity over which it has little or not control. We will abolish the Federal Reserve system and peg the Dollar to the price of Gold. We will set up a committee in the US House to regulate the value of the US Dollar // • // By replacing the Federal Reserve with a committee in the US House, we will place the US Currency back in the hands of ELECTED officials By we will eliminate a body that is not provided fBy we will eliminate a body that is not provided for in the US Constitution1 We will cease the flood of currency that has caused our economic downturns • We will restore a TRUE free Market
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