From: Forrest Bishop (forrestb@ix.netcom.com)
Date: Fri Sep 20 2002 - 11:40:02 MDT
All pyramid schemes, which is what speculative manias are, eventually come to their unfortunate conclusion- they "end badly" as
some put it. The largest such scheme in history is no exception. Some of the people who have lost their stock investments, 401(k)'s,
pension funds, savings, businesses, and all the rest are starting to recognize the radical cause of their misfortune. Though an
investor should not attempt to time a market, we can still hope for the best possible outcome- confining the Federal Reserve System
to the ashcan of history sooner, rather than later.
The following is probably also available at Rep. Ron Paul's website.
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http://www.usagold.com/cpmforum/default.html
barnaclebob (9/20/02; 08:48:38MT - usagold.com msg#: 85594)
Federal Reserve Board Abolition Act (Introduced in House) HR 5356 IH
http://thomas.loc.gov/
107th CONGRESS
2d Session
H. R. 5356
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.
IN THE HOUSE OF REPRESENTATIVES
SEPTEMBER 10, 2002
Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services
--------------------------------------------------------------------------------
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Federal Reserve Act is hereby repealed.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.
You may go to http://thomas.loc.gov/ and type in "HR5356" and bring the bill up. Please write your own representative in the House
to become a co-sponsor of this vital legislation to restore sanity to our lives.
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Forrest
-- Forrest Bishop Chairman, Institute of Atomic-Scale Engineering www.iase.cc
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