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Kucinich Is Not An Idiot

Rep. Dennis Kucinich is not an idiot…. well… not compared to the rest of Congress… which may be damning with faint praise, but he’s just introduced a piece of legislation that is worthy of consideration: 

HR 7260 Transparency in the Creation of Wealth Act of 2008 (Introduced in House)

By forcing the Fed to publish key data regarding distribution of net assets—as opposed to distribution of income—Kucinich’s bill attacks the primary con game played in political economy:

Taxing producers to pay for protection of owners in the name of “taxing the rich”.

It’s the kind of thing that routinely gets people assassinated if they get too close to accomplishing it.

Transparency in the Creation of Wealth Act of 2008 (Introduced in House)

HR 7260 IH

 

110th CONGRESS

 

2d Session

H. R. 7260

To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

October 3, 2008

Mr. KUCINICH introduced the following bill; which was referred to the Committee on Financial Services  

A BILL

To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, 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 `Transparency in the Creation of Wealth Act of 2008’.

 

SEC. 2. ESTIMATE OF THE OVERALL MONEY SUPPLY.

      The Board of Governors of the Federal Reserve System shall devise, calculate and publish a replacement for the discontinued M3 monetary statistic, in order to provide a transparent estimate of the nation’s total money supply.

SEC. 3. STATISTICAL ESTIMATE OF THE DISTRIBUTION OF WEALTH IN THE UNITED STATES.

      The Board of Governors of the Federal Reserve System shall tabulate and publish a statistical description of the current distribution of wealth in the United States by quintile, including a further examination of the uppermost 1% sections by 0.1% each.

SEC. 4. CREDIT INSTITUTION SEIGNIORAGE CALCULATION FOR REPORT TO CONGRESS.

      The Board of Governors of the Federal Reserve System shall calculate and report to the Congress the total annual seigniorage interest income received by financial institutions as a result of their being allowed to create money in the form of the credit they extend above their own cash deposits or reserves prior to extending the loans.

SEC. 5. CALCULATIONS FOR THE SEMI-ANNUAL HUMPHREY-HAWKINS TESTIMONY.

 

      The Board of Governors of the Federal Reserve System shall calculate and publish semi-annually the loss or gain in economic output due to the deviation of the previous year’s actual unemployment rate from the 4% level required by the Humphrey Hawkins Full Employment and Balanced Growth Act of 1978 (15 U.S.C. 3101 et seq.), including such loss or gain, in income by quintile.

SEC. 6. ACCESSIBLE STATISTICAL COMPARISONS OF WHERE CREDIT IS BEING DIRECTED .

      (a) In General- The Board of Governors of the Federal Reserve System shall tabulate and publish data showing the amount of credit and the percentage of credit now being created and directed into each of the following:
        (1) Public infrastructure.
        (2) Primary residences.
        (3) Secondary residences.

 

        (4) Stocks, bonds, commodities.
        (5) Foreign currency and derivatives trading.
        (6) Mergers and acquisitions.
        (7) Education.
        (8) Manufacturing infrastructure.
        (9) Military expenditures.

 

      (b) Additional Analysis- Each category referred to in a paragraph in subsection (a) shall be further analyzed by type, gender, race, wealth status, and location, if applicable.

SEC. 7. LAND VALUE CALCULATION FOR THE FLOW OF FUNDS REPORT.

      The Board of Governors of the Federal Reserve System shall develop a market-based estimate of the value of residential, corporate and publicly owned land and report figures.

SEC. 8. FOREIGN DEBT CALCULATION.

      The Board of Governors of the Federal Reserve System shall make projections, in 10 year increments, of the net foreign debt, and estimate and report on the location of Federal reserve notes, by country and type of holder; including an estimate of lost notes.

SEC. 9. GAO AUDIT REQUIREMENT.

      Notwithstanding the requirements, limitations, and exceptions contained in section 714 of title 31, United States Code, the Comptroller General shall conduct a full audit of the Federal reserve system in every year before a Presidential election year.

 

SEC. 10. IMPROVEMENTS TO THE SURVEY OF CONSUMER FINANCES.

      The Board of Governors of the Federal Reserve System shall undertake the Survey of Consumer Finances every year.

SEC. 11. SUMMARIES OF TOTAL CREDIT MARKET DEBT AND ECONOMIC GROWTH.

      The Board of Governors of the Federal Reserve System shall publish a summary of total credit market debt, quarterly and annually.

SEC. 12. PUBLIC NOTIFICATION REQUIREMENT.

      The Board of Governors of the Federal Reserve System shall release—
        (1) the statistics required to be compiled by this Act at a quarterly news conference; and

 

        (2) the survey of consumer finances and the total credit market debt report at an annual news conference.

    Posted by James Bowery on Tuesday, December 9, 2008 at 05:07 PM in
    Comments (4) | Tell a friend

    Comments:

    1

    Posted by zuwr on December 11, 2008, 03:34 AM | #

    well done.

    2

    Posted by OPEN SECRETS on December 12, 2008, 04:59 PM | #

    Kucinich is certainly a decent politician in many respects - he speaks truth to power more than almost anyone else in the House.

    —-

    Mr. Bowery: you should make these facts about Rahm Emanuel in to a post if you can so it’ll get more exposure.

    CHANGE WE CAN BELIEVE IN?

    “Obama’s Pick for Chief of Staff Tops Recipients of Wall Street Money”

    A day after being elected president and acknowledging “the worst financial crisis in a century,” Barack Obama asked one of the biggest recipients of Wall Street campaign contributions to be his chief of staff. Rep. Rahm Emanuel, the Illinois congressman who was an aide in the Clinton White House, was the top House recipient in the 2008 election cycle of contributions from hedge funds, private equity firms and the larger securities/investment industry—not the most popular of industries in the current economy. Since being elected to Congress in 2002, after working as an investment banker, Emanuel has received more money from individuals and PACs in the securities and investment business than any other industry.  - http://www.opensecrets.org/news/2008/11/obamas-pick-for-chief-of-staff.html

    A major Wall Street insider who got re-elected with more help from Wall Street than anyone during the 2008 election is now Obama’s Chief of Staff - that conflicts with overall message of Obama’s entire campaign, right?

    Also, how did Rahm Emanuel manage to get hired and make nearly 20 million dollars in less than 3 years at an investment bank even though he had no prior experience in business?  It wouldn’t have anything to do with Jewish ethnic networking, would it?

    3

    Posted by Fred Scrooby on December 12, 2008, 07:16 PM | #

    “how did Rahm Emanuel manage to get hired and make nearly 20 million dollars in less than 3 years at an investment bank even though he had no prior experience in business?  It wouldn’t have anything to do with Jewish ethnic networking, would it?”  (—Open Secrets)

    You’re being anti-Semitic, Open Secrets.  Stop that at once!

    http://www.state.gov/g/drl/rls/56589.htm

    http://www.state.gov/g/drl/rls/79640.htm

    4

    Posted by EXPOSE AND CONFRONT THE JEW EXPLOITERS on December 12, 2008, 07:25 PM | #

    + A big shot billionaire businessman and TREASURER of the Yeshiva University SCHOOL OF BUSINESS tries to sanitize its website by removing the name of the biggest white-collar criminal in history: http://failedmessiah.typepad.com/failed_messiahcom/2008/12/exclusive-yu-sa.html

    + Jewish exploiters have ruined America: http://zsidozas.wordpress.com/2008/12/12/hebrewnomics-helping-to-expose-the-jewish-exploiters/

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