On Friday December 17th Congressman Dennis Kucinich (D,Ohio, 10th District) took a crucial and heroic step to resolve our growing financial crisis and achieve a just and sustainable money system for our nation by introducing the National Emergency Employment Defense Act of 2010, abbreviated NEED. The bill number is HR6550.

(12) The monetary policies of the Board of Governors of the Federal Reserve System have compounded the economic crisis by failing to take decisive action to move the economy forward, Wall Street which was bailed out by the American people is not investing its rising assets in Main Street

(18) The enactment of the Federal Reserve Act in 1913 by Congress effectively delegated the sovereign power to create money, to the Federal Reserve system and private financial industry.
(19) This ceding of Constitutional power has contributed materially to a multitude of monetary and financial afflictions, including—
(A) growing and unreasonable concentration of wealth;
(B) unbridled expansion of national debt, both public and private;
(C) excessive reliance on taxation of citizens for raising public revenues;
(D) inflation of the currency;
(E) drastic increases in the cost of public infrastructure investments;
(F) record levels of unemployment and underemployment; and
(G) persistent erosion of the ability of Congress to exercise its Constitutional responsibilities to provide resources for the general welfare 2 of all the American people.

The National Emergency Employment Defense Act of 2010 would allow the federal government to directly fund badly-needed infrastructure repairs and fund education systems nationwide by spending money into circulation without increasing the national debt. The bill would end the current practice of fractional reserve lending, whereby the economy depends upon private financial institutions to lend money into circulation.

More Than Half of U.S. Wants Fed Curbed or Abolished

Dec. 9 (Bloomberg) -- A majority of Americans are dissatisfied with the nation’s independent central bank, saying the U.S. Federal Reserve should either be brought under tighter political control or abolished outright, a poll shows.