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(4) To incorporate the Federal Reserve System into the Executive Branch under the United States Treasury, and to make other provisions for reorganization of the Federal Reserve System.
(a) Government Acquisition of All Net Assets of Federal Reserve System- On the effective date, the Secretary shall purchase on behalf of the United States all net assets in the Federal Reserve System, including the Federal reserve banks, according to the rules specified in the Federal Reserve Act (12 U.S.C. 288) for this purpose.
(b) Repayment of Reserves- Any reserves of any member bank that is held by any Federal reserve bank shall be returned to the member bank in the form of United States Money, subject to the provisions contained in sections 401 and 402(b).
HR6550.SEC. 402. REPLACING FRACTIONAL RESERVE BANKING WITH THE LENDING OF UNITED STATES MONEY
(2) OUTSTANDING CREDIT- Any asset of a depository institution that results from credit extended against, is attributable to, or has been accounted for with respect to, amounts described in paragraph (1)(A) shall, as of the effective date--
(A) be a liability of the depository institution to the Federal Government; and
(B) as the outstanding balance is repaid pursuant to its terms, shall be paid over to the Federal Government.
TITLE V--ADDITIONAL PROVISIONS
SEC. 501. DIRECT FUNDING OF INFRASTRUCTURE IMPROVEMENTS.
(a) Report Required on Opportunities for Direct Funding- Before the effective date, the Secretary, after consultation with the heads of Executive branch departments, agencies and independent establishments, shall report to the Congress on opportunities to utilize direct funding by the United States Government to modernize, improve, and upgrade the physical economy of the United States in such areas as transportation, agriculture, water usage and availability, sewage systems, medical care, education, and other infrastructure systems, to promote the general welfare, and to stabilize the Social Security retirement system.
(b) Broad Equitable Dispersion of Funding- Generally, any program recommended for direct funding shall be undertaken throughout the Nation.
EC. 505. EDUCATION FUNDING PROGRAM.
Before the end of the 120-day period beginning on the date of the enactment of this Act, the Secretary, in cooperation with the Secretary of Education, shall provide recommendations to the Congress for a program to help fund our educational system that will put the United States on par with other highly developed nations, and to sufficiently provide for universal pre-kindergarten fully funded State programs for elementary and secondary education and universal college at every 2- and 4-year public institution of higher learning and create a learning environment so that every child has an opportunity to reach their full educational potential.
SEC. 506. SOCIAL SECURITY TRUST FUNDS.
The Secretary in consultation with the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds shall submit to the Monetary Authority any requests to cover impending deficits in Social Security Trust Fund accounts.
SEC. 508. UNIVERSAL HEALTH CARE FUNDING.
The Congress shall be aware that funding through this Act is available for a universal health care plan as may be enacted by Congress.
(A) IN GENERAL- The Monetary Authority shall consist of 9 public members appointed by the president, by and with the advice and consent of the Senate.
(C) POLITICAL AFFILIATION- Not more than 4 of the members of the Monetary Authority may be members of the same political party.
(i) IN GENERAL- Any vacancy on the Monetary Authority shall be filled in the manner in which the original appointment was made.
(ii) INTERIM APPOINTMENTS- Any member appointed to fill a vacancy occurring before the expiration of the term for which such member’s predecessor was appointed shall be appointed only for the remainder of such term.
(E) STAGGERED TERMS- Of the members first appointed to the Monetary Authority after the enactment of this Act--
(i) 1 shall be appointed for a term of 2 years;
(ii) 2 shall be appointed for a term of 3 years;
(iii) 2 shall be appointed for a term of 4 years;
(iv) 2 shall be appointed for a term of 5 years; and
(v) 2 shall be appointed for the full term of 6 years.
(i) IN GENERAL- Except as provided in subparagraph (E), each member of the Monetary Authority shall be appointed to a term of 6 years.
(ii) CONTINUATION OF SERVICE- Each member of the Monetary Authority may continue to serve after the expiration of the term of office to which such member was appointed until a successor has been appointed and qualified.
Originally posted by CosmicCitizen
I apologize for not having read the bill first but my first impressions are consistent with that of the OP; specifically, a) it will transfer the toxic debt accumulated by the FRB from their balance sheet to that of the treasury and b) it paves the way for direct funding (via the executive branch bypassing the legislative) of projects and defacto printing of money by the US Treasury (which is being done indirectly now with the Fed buying US Treasuries).