A Patriotic Reform of the Fed

A Patriotic Reform of the Fed

A Petition to the

Chair of the Federal Reserve System

and 
U.S. Representatives and Senators

As we are celebrating the 100 anniversary year of the creation of the Federal Reserve System (the Fed), intense scrutiny of its charter is inevitable.

While many today are agitating for the destruction of the Fed, our campaign is designed to Reform the Fed. 

It is our considered opinion, as set forth in the following paragraphs, that all we need to do is to bring three technical changes to the Fed’s process of creation and distribution of money.

While small, in their implementation these changes will function as tipping points, whereby everything will change in the economic system to benefit every member of our nation – to the detriment of no one!

The Chairman of the Federal Reserve System has the power to implement these changes through administrative decision.

Unless the Federal Reserve System exercises its freedom to implement these changes through administrative decision by the end of 2014, we request that our Congress enact these changes into law. 

In this case, we will have to call for a thoroughgoing review and revamp of the Fed's Congressional Charter and more democratic governance, including openness, transparency, and accountability.

And should the Fed be opposed to these changes, we suggest an alternative course of action: The Congress shall leave undisturbed all functions that the Fed is so admirably performing, but will create a new federal bank and/or a set of regional banks to administer the process of creation and distribution of money in the interest of the nation as a whole, as suggested below.

At present this petition is being circulated by a small grass-roots group of people representing the Greater Boston area. We are inviting people from all walks of life and all regions of the country to join us so that this petition represents the will of “We the People”.

www.CreditToThePeople.org

Whereas: The current management of money is broke, because—
                                   in varying degrees:
It does not serve the poor;
It does not serve the middle class;
It does not serve the rich, but the quick and the sharpies; and

Whereas:   The Fed creates new money on the strength of national credit; and

Whereas:   The value of national credit is not created by bankers;

Whereas:   The value of national credit is created by the blood sweat and tears of all of us, We the People;

Therefore: We ask that the Fed administratively decides or legislatively be made to issueoans at cost of administration (not at variable interest rates);Loans at cost of administration (not at variable interest rates);

1. Loans—not grants—ONLY for the creation of new real wealth (neither for the purchase of consumer goods, nor for the purchase of financial assets);


2. Loans at cost of administration (not at variable interest rates);Loans at cost of administration (not at variable interest rates);


3. Loans for the benefit of all people in our country; hence, loans have to be issued not exclusively to financiers, but to individual entrepreneurs, governmental entities, cooperatives, and corporate enterprises that have Employee Stock Ownership Plans (ESOPs) and Consumer Stock Ownership Plans (CSOPs) in their constitutions.