posted on Dec, 22 2009 @ 09:47 AM
On June 4, 1963, a little known attempt was made to strip the Federal Reserve Bank of its power to loan money to the government at interest. On that
day President John F. Kennedy signed Executive Order No. 11110 that returned to the U.S. government the power to issue currency, without going through
the Federal Reserve.
Executive Order 11110 gave the U.S. the ability to create its own money backed by silver.
Mr. Kennedy was assassinated just five months later, no more silver certificates were issued.
Why then has no president utilized it?
To date, U.S. courts have overturned only two executive orders:
The Truman order Executive Order 10340 placing all steel mills in the country under federal control ,
and a 1996 order issued by President Clinton that attempted to prevent the U.S. government from contracting with organizations that had
strike-breakers on the payroll.
Congress may overturn an executive order by passing legislation in conflict with it or by refusing to approve funding to enforce it. In the former,
the president retains the power to veto such a decision; however, the Congress may override a veto with a two-thirds majority to end an executive
order. It has been argued that a Congressional override of an executive order is a nearly impossible event due to the supermajority vote required and
the fact that such a vote leaves individual lawmakers very vulnerable to political criticism.