SHORT TITLE - CITIZENS ECONOMIC STABILITY ACT OF 2008
1.0-PREAMBLE: The Constitution of the United State of America provides that citizens and voters of the United States shall govern and rule by an through duly elected representatives. Article I, Section 8, Subsections 1- 6, and subsection 18, vest Congress with the power and duty to control the money, credit and commerce of the United States, this power was intentionally with-held from the Executive Branch and President of the United States. The Executive Branch and President have exceed their Constitutional authority, resulting in a severe economic crisis confronting the United States with the potential of adversely affecting the citizenry of this nation; Congress therefore, is hereby reasserting it's Constitutional mandates and control over the money, credit and commerce of the United States.
2.0-PURPOSE: Congress and the citizenry of the United States have been presented with an unprecedented financial crisis, affecting the value of the dollar, the stability of domestic and world markets, with potentially adverse impact on the public, health, safety and welfare of the United States and its citizenry. These circumstances require Congress to re-structure institutions operating within the United State and/or affecting the citizenry of the United States; accordingly, any and all laws that are inconsistent with the purpose and/or provisions of the Act, are, by this declaration, hereby expressly revoked and all appointments related to any inconsistent law are hereby terminated.
3.0-FINANCIAL RE-STRUCTURING:
3.1- Federal Reserve: the Federal Reserve Act, as codified in 12 U.S.C. ch.3, et.seq. is hereby amended, as follows: The Federal Reserve Board shall consist of 4 members, composed of the Chair and Ranking member of the Senate Banking Committee, and the Chair and Rankling member of the House Financial Services Committee. The position of Chairman of the Federal Reserve is hereby abolished. Any and all actions of the Federal Reserve shall require a vote of not less then 3 members of the Federal Reserve Board as established hereby.
3.1.1- All participating banks , financial institutions or affiliates in the Federal Reserve system shall keep and maintain 20% of all deposits, on deposit with the Federal Reserve Bank in the form of U.S. Treasury bills and/or notes;
a) No participating bank, financial institution or affiliate shall charge more the 12% simple interest for any loan, credit extension or credit swap;
b) The bank rate for participating banks, financial institutions or affiliates shall be within a range of plus or minus 0.5% of the rate charges by the European Central Bank ( ECB );
c) Companies and corporations having manufacturing facilities within the U.S. that directly employ 8,000 or more factory workers who are U.S. citizens in the U.S., including but not limited to: General Motors, Ford, Chrysler, John Deere, Caterpillar , shall be allowed to participate in the Federal Reserve, and borrow from the Federal Reserve, for U.S. domestic factory operations at the same rate, Fed. Rate, available to commercial banks.
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3.2 - Stock & Commodities Markets: It shall be unlawful to trade, barter, sell, pledge or hypothecate stock or stock certificates in or within the United States, or in any company, corporation, entity, or person doing business in or with the United States, that are held for a period of less than 13 months; FURTHER, it shall be unlawful for any company, corporation, entity, or person doing business in or with the United States that is not the end user to trade, barter, sell, assign, or pledge commodities or commodities contracts.
3.2.1- Violations: The RICO ACT, 18 U.S.C. #1951-1968 is amended to include Section 3.2 hereof as a definition of racketeering subjecting any violator, to the penalties provisions of 18 U.S.C. and/or all property and assets, obtained or suspected to be obtained by or related to any violation of section 3.2 of this act shall be fully subject to the Civil Forfeiture Provisions of the Comprehensive Crime Control Act of 1982, Pub.L. 98-473, as amended. Further, the standard of proof shall be based on the preponderance of evidence and court decisions, laws or provisions to the contrary are hereby declared null and void and of no force effect whatsoever.
3.3 - Existing APR and Sub-Prime Mortgages: It shall be unlawful for any bank, company, entity or person, for a period of 2 years from the date of this Act, to charge or collect any interest on such indebtedness that exceeds the original rate charged to the home borrower; further, the maximum interest that may be lawfully charged on such home, provided the original debtor actually uses and occupies the home as his or her sole residence, shall be limited to 6% simple interest, and the overall term of the loan shall be limited to 20 years; the full amount of which home loan shall become due and payable on the sale, transfer, rental, lease, or vacating of the home as the sole residence of the original debtor.
3.3.1 - Federal Usury : It is hereby unlawful for any institution, bank, credit card company or affiliates, person or entity to charge more then 12% simple interest for any loan or extension of credit to any person in the U.S., and/or to impose fees that exceed the 12% limitation. Violations of this sub-section are defined as "racketeering"subjecting any violator to the penalties and provisions set-forth herein at sub-section 3.2.1.
4.0 - EXTENSION OF MONEY AND/OR CREDIT OF THE UNITED STATES OR U.S. TREASURY: NO MONEY OR CREDIT OF THE UNITED STATES OR U.S. TREASURY SHALL BE EXTENDED TO ANY BANK, FINANCIAL INSTITUTION, COMPANY, ENTITY OR PERSON EXCEPT AS FOLLOWS:
4.1- Security Required: No loan, money or credit of the United States shall be extended to any bank, financial institution, company, entity or person except on the basis of a dollar-for-dollar security for the same in the form tangible personal or real property located within the United States having a real mark to market value, minus 15%, equal to the base amount of the loan, money or credits extended by the U.S. Treasury. The cost of any such loan, money or extension of credit of the United States, shall include the cost of administration of the Federal Loan Compliance Trust (FLCT), which shall herein be established as an arm of Congress for the purposes of this Act.
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The FLCT shall be chaired by the House and Senate Majority and Minority leaders ,who based on a majority vote, shall have the power and authority the hire and retain competent independent counsel to administer the FLCT, to make rules and regulations necessary to insure that the United States is fully and promptly repaid, including but not limited to the seizure of assets and security for any loan, money or credit extended, by the United States; and to prosecute violations or infractions of this Act or any terms or provisions of any loan or extension of credit hereunder.
4.1.1 - Other Terms of Loan, Money or Extension of Credit: The maximum period of any loan, money or extension of credit of the United States shall be limited to an cumulative total of no more then 5 calendar years. Any and all banks, financial institutions, companies, entities or persons qualifying for and extended any loan , money or credit of the United States, shall file tax annual tax returns and render accounting on calendar year ( January 1 to December 31 ) basis. Accrual accounting or reporting shall be unlawful and is hereby defined as " racketeering " subject to the provisions and penalties and civil forfeiture as provided by 18 U.S.C. et. seq.; Further, any and all loans, money or extension of credits of the United States extended to any qualified bank, financial institutions company, entity or person, shall bear interest at
6% per annum, and such interest shall be paid to the U.S. Treasury on a monthly basis during the period of the loan. Any default on the monthly payment of interest to the US. Treasury, or default on the repayment of the principle shall result in the automatic forfeiture, by confession of judgment, off all security for the loan or extension of credit.
a) During the period of any loan or extension of credit of the U.S., Board Members of any borrower shall serve without pay, compensation or per diem, and the highest executive salary paid shall not exceed the U.S. Government Service, GS 15 amount. Violation of this sub-section is hereby declared and defined as " racketeering " subject to the provisions and penalties and civil forfeiture as provided by 18 U.S.C. et. seq.;
4.1.2 - Qualified Security: Qualified security for any loan, money or credit of the United States extended to any bank, financial institution, company, entity or person, shall be all tangible, physical assets, personal and/or real property located or situated in the United States in which any CEO, CFO, President, Executive Vice President, and all Board of Directors members serving any bank, financial institution, company, entity or person seeking a loan, money or credit from the United States, between the years 2002-2008, has any interest in; and, the stock, warrants, options, bonds, real and personal property of said banks, financial institutions, companies, entities or persons. When socks and/or warrants are pledged and encumbered as a qualified security, the FLTC shall prepare and hold properly executed subordinated convertible debentures for voting and ownership rights to and in said stock, warrants, options or bonds.
5.0 -Secretary of Treasury - limited authority: Congress retains full authority over all matters involving loans, money, debt and/or credit of the or the extensions thereof, of the United States. The Executive Branch, President and Secretary of Treasury may facilitate in the surrender and pledge of qualified security, as provided and defined in and by this ACT; and, from time to time the Secretary of Treasury may render advice on matters related to this act and the stability of the U.S. economy, as requested by Congress and/or the FLTC.
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5.1 - F.D.I.C. $250,000.00 per account: Existing laws providing qualified banks and institutions with F.D.I.C. insurance coverage are hereby amended, and coverage is increased to $250,000.00 per individual, per account, per bank or institution, and increased to $500,000.00 on retirement and/or IRA accounts. The Secretary of Treasury is hereby directed to extend all funds to the F.D.I.C. that may become necessary to cover individual accounts as herein provided; and, further, the Secretary of Treasury and the F.D.I.C. are hereby directed to modify, amend or enact rules and regulations necessary to implement account coverage increases consistent with this Act.
6.0 - CONFLICTS OF INTEREST : It is hereby enacted and declared unlawful for any individual and/or person who is an official of or employed by the U.S. Government and/or any agency or sub-division thereof to have any financial or other interest, of any kind and or nature whatsoever, in any company, corporation, financial institution, or entity that is granted a loan and/or extension of credit from the U.S. Treasury.
6.1 - Violations: Violations of this section 6.0, of this Act are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth herein at sub-section 3.2.1. of this Act.
7.0 - ENFORCEMENT/CONCURRENT JURISDICTION: All State Courts of General Jurisdiction as well as U.S. District Courts, shall have concurrent jurisdiction relating to the enforcement of any provision of this Act; any violation or alleged violation of this act shall be prosecuted within the United States. The authority of Federal District and Appellate Courts to review the validity of this Act, is hereby expressly revoked pursuant to the Powers of Congress, provided by Article 1, Section 8, sub-section 9, of the U.S. Constitution.
8.0 - SAVINGS CLAUSE: The provisions of this Act are separate and severable; should any part or provision of this Act be adjudicated unconstitutional by a full 9 judge panel of the U.S. Supreme Court, the rest and remainder shall remain in full force and effect.
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