Monetary Policy

“We must regain control over our monetary system, consistent with the U.S. Constitutional provision which gives our government the power the coin or create money.  This is the path to restoring the American economy.” - Dennis

The power to coin or create money is a sovereign power under Article 1, Section 8 of the US Constitution.  In 1913, Congress gave that power to the Federal Reserve Bank.  This privatization of the money supply as a practical matter has meant that the Fed can create money out of nothing - -  and give it to the banks.   Today, when the government needs money, it is forced to borrow money, to go into debt.  The government needs to reclaim the power to create money, and to spend the debt-free money into circulation, to create jobs, to put millions of people back to work.

Fourteen million people are out of work. Some in the government say we do not have the money to create jobs.  But Washington found $700 billion for bailouts.  The Federal Reserve created over $2 trillion for banks since Autumn of 2008 through programs like Quantitative Easing Rounds 1 and 2.  Why should the Fed  be able to appropriate a sovereign power to  create money out of nothing- - and give the money  to the banks, - while  the government is forced to create money by going into debt?  This is especially questionable when one discovers that the money created by the Fed is actually backed up by the “full faith and credit” of the people of the US.

Congress must and Congress can reclaim that Constitutionally-based power to create money.  Here’s how:

In 2011, Dennis introduced  the National Emergency Employment Defense (NEED) Act.  The legislation would put the Federal Reserve under the Department of the Treasury, and it would help us recapture control of our financial system. As part of the NEED Act, Congress would use its constitutional power to invest in America, creating millions of jobs by putting billions of dollars directly into circulation. And since this money is adding real, tangible value to our national wealth, it will not generate inflation.

This bill would allow us to pay off our national debt, help create millions of private sector jobs, and make the US dollar stable, helping it to maintain purchasing power over time.