Ron Paul introduces Federal Reserve Abolition

[D-FENS]

Well, I know there's a Ron Paul for President thread and I debated posting it there but since it's not about him or his candidacy, I figured I would start a new thread.

http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.2755:

Just an FYI for those not aware, Ron Paul pwns pretty hard.

A BILL

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Federal Reserve Board Abolition Act'.

SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.

(a) In General- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.

(b) Repeal of Federal Reserve Act- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.

(c) Disposition of Affairs-

(1) MANAGEMENT DURING DISSOLUTION PERIOD- During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System--

(A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks--

(i) manage the employees of the Board and each such bank and provide for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished; and

(ii) manage the assets and liabilities of the Board and each such bank until such assets and liabilities are liquidated or assumed by the Secretary of the Treasury in accordance with this subsection; and

(B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.

(2) LIQUIDATION OF ASSETS-

(A) IN GENERAL- The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.

(B) TRANSFER TO TREASURY- After satisfying all claims against the Board and any Federal reserve bank which are accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.

(3) ASSUMPTION OF LIABILITIES- All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.

(d) Report- At the end of the 18-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Office of Management and Budget shall submit a joint report to the Congress containing a detailed description of the actions taken to implement this Act and any actions or issues relating to such implementation that remain uncompleted or unresolved as of the date of the report.

[Lambo]

The creation of a Central Bank is one of the 10 Planks in Marx's Communist Manifesto, another is a Graduated Income Tax.
I'm for,
abolishing both, the Federal Reserve & the IRS
abolishing the Federal Income Tax
a Congress manufactured/controled Currency & back to the Gold Standard

I'm waiting to see how much support Dr. Paul will have for this! Co-Sponsors for one.

[TonyF]

Someone better be watching his six.

[D-FENS]

Lambo: I'm glad we can agree on something I'm not sure how I feel about the Gold Standard. I'm no economist and still have some history to dig through. I am, however, very much against the Federal Reserve and, in turn, the IRS.

TonyF: You're not kidding! I'm rather surprised it hasn't happened before. I really don't see this picking up steam but it's good to get some discussion out there. Hopefully it will introduce some new topics into the election. I'm pretty friggin sick of the Immigration, Abortion, Religion, and Iraq as the only issues. That's not to say they aren't important, they're just played out topics with little long-term effect on this nation. Anyways, I digress but you're absolutely right, Tony, no mega-billionaire is gonna sit idly-by as their cash cow is slaughtered.

[tourrider]

RP just grabbed the 3rd rail.....

[LorDiego01]

God Bless Ron Paul.

Lets all pray for his safety.

[D-FENS]

God Bless Ron Paul.

Lets all pray for his safety.

I'm not getting negative rep for this thread am I? Being that this is a firearm forum and all...

[LorDiego01]

I'm not getting negative rep for this thread am I? Being that this is a firearm forum and all...

Nah, not unless you post negative, borderline propaganda junk about the same goddamn topic several times a day. You are in the clear....

but dont push it!

[Johannes_Paulsen]

Not a bad idea. Though I think rolling back the welfare state would be a better place to start.

[KeithPA]

Obviously not my time, but didn't Kennedy attempt or plan to do this? One of my parents friends mentioned it to me one time, and so did my mom.

He's up to 2% now in some polls, so he's heading up. Hopefully he stays safe.