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To Hell with Fractional-Reserve Debt-Based Banking Constitutional Amendment
(1) Rescind the Federal Reserve Act of 1913 and rename existing Federal Reserve notes and check book balances in all U.S. banking and credit-creating institutions on a 1-to-1 basis as U.S. Treasury dollars and U.S. Treasury-denominated bank balances. All currently existing financial contracts in the Federal Reserve Banking System, including United States Treasury Bonds, remain in effect. Payments of principal and interest on loan contracts in existence at the time of enactment of the amendment are distributed at the end of each fiscal year to individual deposit holders at the banking institutions holding the contracts, proportionate to the minimum daily balance and the length of time the balance was maintained during the fiscal year.
(2) Henceforward, credit creation by banking and financial institutions in the United States is prohibited. Loans are required to originate from previous savings of U.S. Treasury dollar notes and U.S. Treasury-denominated bank balances which are to be held in and paid from specific sequestered accounts designated solely for lending by the various financial institutions, with interest charges and term limits to be determined solely by the contracting parties. Non-cash reserves held in the regional Federal Reserve Banks in accounts of the member institutions of the Federal Reserve System no longer form the basis for credit creation and are extinguished from the money supply. Cash reserves held by individual banks become the property of the respective institutions. Regional Federal Reserve Banks continue to provide check-clearing operations for the member banks.
(3) Fund the U.S. government directly via Treasury-issued currency authorized by the Congress in its yearly federal budget. The borrowing of money from banking institutions to pay for federal government expenditures, including the issuance of Treasury Notes and Bonds to the Federal Reserve system of banks, financial institutions, or individuals, is prohibited.
(4) Abolish the Federal Income Tax on individuals, corporations, and business enterprises while maintaining a social security tax on individual incomes, and institute a federal sales tax with a varying yearly tax rate adjusted by the U.S. Congress in session, the sole aim of such adjustments being to maintain a stable or decreasing Consumer Price Index based on data collected by the Federal Government. Any such sales taxes taken in by the Federal Government are extinguished from the currency supply to keep the Consumer Price Index stable or decreasing and are not utilized for further funding. The Sixteenth Amendment to the U.S. Constitution is hereby rescinded.
(5) Clause 1, Article 1, Section 8 of the U.S. Constitution is amended to read as follows:
The Congress shall have Power To collect Customs Duties on imports, uniformly applied throughout the United States.
(6) Clause 2, Article 1, Section 8 of the U. S. Constitution is rescinded.
(7) The adoption of this amendment does not prohibit the use by the citizens of the United States of any alternative currencies they should choose to use in their private or commercial transactions.