I'm very excited for this bill. I hope that Congress does succeed in passing the NEED act, but I fear that they won't. Opposers to this bill will probably argue that the necessary and proper clause in the Constitution gives Congress the right to have a third party (the Fed.) issue currency. Even though there is nothing in the Constitution saying that a third party can issue currency, there's nothing saying they can't either. I would suggest that the people of Occupy Wall Street, and everyone in general, take this and run with it. I personally will contact my local congressman and urge him to vote for this bill. However doubtful I remain of the outcome...
Great bill. Too bad its being brought to the table by "we need to prepare for the incoming space alien attack" Kucinich.
The arguments in favour of this bill are easy to find, but what about the arguments against it? I have that "secret-rulers-of-the-free-world" vibe about Bernanke & Co, but surely there is a reason for the Fed to exist other than to make a few people very, very wealthy? Does it not have some regulatory function that is important? There are good reasons for the separation of church and state, are there similarly good reasons for the separation of state and monetary regulation?
If they really want congress to shit itself, they'll make it about jobs. "If you shut us down, you'll cost 3,000 Americans their jobs." That noise is working gangbusters for the SOPA crowd.
I don't know of any pro-arguments, but Andrew Jackson and Abraham Lincoln were both so opposed to the reserve that they legislated around it. Both got shot, but Jackson was such pure uncut badass that he murdered the guy back. Thomas Jefferson said that if the banks ever controlled our money, then the sanctity of the country's freedom would be destroyed. I don't think there is any good reason for the FED to exist.
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. Thomas Jefferson, (Attributed) 3rd president of US (1743 - 1826)
I would like to add that John F. Kennedy was also opposed to the Fed controlling monetary policies and issuing the nations currency. For a time in 1963 he succeeded in having the U.S. treasury issue money, but conveniently six months later he was assassinated. Hmm..
it helps to call the Federal Reserve Bank by its proper term, ie, a cartel. IOW, the purpose of the Fed was to make the 1% rich and to have the ability to start and fund wars.
