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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

National Emergency Employment Defense Act of 2011

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States; and for other public purposes.


Actions Overview (1)

Date Actions Overview
09/21/2011Introduced in House

All Actions (5)

Date All Actions
05/08/2012Subcommittee Hearings Held.
Action By: House Financial Services Subcommittee on Domestic Monetary Policy and Technology
10/21/2011Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Action By: Committee on Financial Services
10/21/2011Referred to the Subcommittee on Domestic Monetary Policy and Technology.
Action By: Committee on Financial Services
09/21/2011Referred to the House Committee on Financial Services.
Action By: House of Representatives
09/21/2011Introduced in House
Action By: House of Representatives

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Conyers, John, Jr. [D-MI-14]* 09/21/2011

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Financial Services09/21/2011 Referred to
House Financial Services Subcommittee on Domestic Monetary Policy and Technology10/21/2011 Referred to
05/08/2012 Hearings by
House Financial Services Subcommittee on Financial Institutions and Consumer Credit10/21/2011 Referred to

No related bill information was received for H.R.2990.


Latest Summary (1)

There is one summary for H.R.2990. View summaries

Shown Here:
Introduced in House (09/21/2011)

National Emergency Employment Defense Act of 2011 - Replaces Federal Reserve notes with United States Money.

Instructs the Secretary of the Treasury to originate United States Money to address any negative fund balances resulting from a shortfall in available government receipts to fund government appropriations.

Subjects to criminal and civil penalties any person who creates or originates United States Money by lending against deposits through "fractional reserve banking."

Prohibits borrowing by the Secretary or by any federal agency or department, independent establishment of the executive branch, or any other instrumentality of the United States (other than a national bank, federal savings association, or federal credit union) from any source other than the Secretary.

Requires the Secretary to begin to retire all outstanding instruments of U.S. indebtedness by payment in full of the amount legally due the bearer in United States Money.

Prescribes requirements for the entry of United States Money into circulation.

Directs the Secretary to purchase all net assets in the Federal Reserve System, including the Federal reserve banks. Requires return to any member bank in the form of United States Money of any reserves held by any Federal reserve bank.

Establishes: (1) the Monetary Authority to establish monetary supply policy and monitor the nation's monetary status, (2) the Bureau of the Federal Reserve to administer the origination and entry into circulation of United States Money, (3) the Emergency Board to recommend to Congress when a national emergency requires the President to issue a certification of emergency for the exercise of authority by the Monetary Authority as lender of last resort, and (4) a revolving loan fund in the Treasury for relending to banking institutions.

Sets forth a conversion process to replace fractional reserve banking with the lending of United States Money.

Sets a ceiling on interest rates.

Requires the Monetary Authority to instruct the Secretary to disperse monetary grants to states for public infrastructure, education, health care and rehabilitation, pensions, and paying for unfunded federal mandates.

Directs the Secretary to make recommendations to Congress for payment of a tax-free Citizens Dividend to all U.S. citizens residing in the United States in order to provide liquidity to the banking system at the commencement of this Act, before governmental infrastructure expenditures have had a chance to work into circulation.

Prescribes requirements for federal funding of education programs, coverage of any deficits in Social Security Trust Fund account, a universal health care plan, resolution of aspects of the mortgage crisis, and a program of interest-free lending of United States Money to state and local governmental entities.