There is something fundamentally wrong when Congress passes a Bill, piece of legislation, that approaches or exceeds 3000 pages in length. No Congressmen, albeit Representative or Senator, would be willing to swear under oath and penalty of perjury, that he or she read each and every page, paragraph, sentence and word of such a Bill, yet Obama Care [ Affordable Health Care Act ]was just such a Bill. Obama Care is and was nothing short of a political power play complete with “earmarks” [ special strokes for a select few special interests ] that had and have little to do with health care.
Health care is a concern of very citizen. There are reasonable and rational ways of addressing the issue that are compatible with the expectations of main street-USA and not disruptive to the existing systems of health care delivery. Obama Care is neither; and, if ever fully implemented, Obama Care will destroy the existing standards of heath care now available in the U.S., add trillions in costs to the national debt, and destroy the quality care now available in the U.S.. Obama Care will result in increased medical care costs for middle-class citizens and an increase in individual income taxes for the middle-class. Rhetoric aside, Obama Cares principle objective was to provide free health care to those in the U.S., including non-citizens, who are below the Federal poverty line; in short, welfare legislation.
U.S. citizens are beginning to wake up to the reality that their elected Representatives and Senators don't actually write the Bills and legislation they vote on. Legislation, including Obama Care, is drafted and written by unelected, and invisible persons, many who are not government employee's. The more pages in a Bill the more cooks, or crooks, bake the cake that Congress and Presidents, foist on the U.S. population. Obama Care is not the answer to providing affordable health care and presents a paradigm for revision. Hopefully, some form of sanity will be restored by the 112th Congress, and serious dialog addressing the particulars of health care will begin.
Pointing a gun to the head of every U.S. citizen and forcing them to buy health insurance, is not the American way. Dictatorship is not acceptable to main-street. The carrot, not the stick, is the best approach. Individual and Company tax incentives are the better way. Let's be honest, individual taxpayers are going to pay for health care, be it Obama Care or an alternative. Obama Care means the burgeoning HHS bureaucracy in Washington D.C./Virginia, will eat up over 85% of Health Care dollars in administrative costs, giving the actual Health Care provider $0.15 cents on the dollar for individual health care. $0.85 cents of every dollar will go to pay the salaries, benefits and retirements of government HHS employees. Big government flourishes on inefficiency, but that gives the U.S. taxpayer, little bang for every buck. In addition to a “standard deduction” on Federal taxes, individual taxpayers should be allowed to establish, fully deductible, “personal health accounts” of up to 8% , or $12,000.00 per year, of adjusted gross income. Employers should be allowed to contribute to “personal health accounts”. The direct payment from PHA's for private health care insurance, HMOs', doctors, hospital and prescription drugs, would cut out the HHS middleman. This would be one approach to the health care dilemma that would preserve individual choice and avoid unnecessary bureaucratic administrative costs.
Congress and the President must abandon the “...pie in the sky...” health care for the world approach that is the centerpiece of Obama Care. Popular on the hill or not, Congress and the President must face economic reality. First and foremost, we must take care of our own, that means U.S. CITIZENS. Laws providing that emergency room care for anyone and everyone must be repealed. U.S. institutions providing “..free..” care to non-citizens, should be cut off and precluded from receiving Federal and/or State reimbursement funds. Obama Care provides for health care to non-citizens under the code word “resident”. “Resident” is the lawyer' s semantic slight-of- hand so that 30 million undocumented/illegal aliens and their of spring are provided health care at U.S. citizens and taxpayer expense. This inclusion in the current Obama Care legislation is one of the reasons why Obama Care is not economically sustainable and one of the many reasons why it should be repealed and/or replaced.
The Obama Administration has failed to recognize the unique and special needs of our military personnel. Currently, under Obama Care, the administration is in the process of integrating TriCare, a medical and health care program designed to address the special, unique and circumstantial needs of the U.S. military and retirees [ administered by the Department of Defense] into Obama Care. This callous disregard the unique service related needs of U.S. military personnel should not be allowed to go forward. Under the Obama Care law, wounded and maimed soldiers, would be treated no differently then a “ resident ”, i.e., undocumented/illegal alien. The fact is, that many, perhaps the majority, of those in Congress, and our current President, have never served in the U.S. military. Except for pretty words and speeches, most politicians think of U.S. military personnel as expendable, cannon fodder, who are not entitled to special consideration for their service. Congresses attitude to U.S. military personnel, retirees and veterans must change. What should change is VA health care; veterans health care should be integrated into TriCare and TriCare should stand alone as the health care provider for military personnel, military retirees, and military veterans.
Congress needs to recognize the significance and value of actuarial data. This is particularly true when it comes to pre-existing health issues. It is irresponsible, to provide coverage to virtually every “resident” for pre-existing conditions. The U.S. has virtually eradicated many diseases and conditions that remain prevalent in other countries; polio is one example. Is it fair or prudent for U.S. taxpayers to pay for imported diseases and conditions requiring hundreds of thousand of dollars a year to treat one individual ? Citizens, except for military personnel who should remain covered by TriCare, who have continuously resided within the U.S. for seven (7) consecutive years should be entitled to coverage regardless of pre-existing conditions, but subject to a per year dollar limitation on coverage. A sound and sustainable actuarial health care program will have yearly dollar caps, otherwise only a very select few individuals will eat the pie that could otherwise feed thousands. Congress needs to get real, U.S. CITIZENS ONLY.
Existing laws preventing individuals from the option to obtain prescription drugs from outside the U.S. , and laws preventing health care providers, employers and unions from forming drug purchasing collectives, need and should be repealed. Laws preventing companies, unions and other groups from forming collectives to bargain for health care services also need to be repealed. Congress has gifted the drug companies with a monopoly for furnishing prescription medications in the U.S. This pay-for-play is one of the primary reasons why health care costs in the U.S. have skyrocketed. The blame for high prescription drug costs should be placed where it is due, on Congress and the President. Obama Care is one of the worst offenders of pay-for-play when it comes to paying off drug companies. The drug companies profit handsomely from Obama Care.
One of the more difficult matters for Congress to face, is the reality of mortality. On average, the greatest health care expenditures are made during the last three months of a persons life. Spending money is not going to stop the inevitable. Here again, any sound actuarial health care program should address dollar limitations/caps on end of life health care services. Dying with dignity, should not be a dirty word in political circles, nor should criminal penalties exist for those who assist the terminally ill. Death is a fact of life. Politicians and Judges are not Gods.
The concerns outlined above highlight a few of the thousands of flaws contained in Obama Care. Thousands of flaws intentionally included to preclude individual discussion on a point-by-point basis. Obama Care is flawed beyond repair and unless repealed will reduce health care in the U.S. to that available in Third World countries. Reasonable, practical, and beneficial alternatives to Obama Care are available. The real question is: do Congress and the President have the integrity and political will to admit that there are viable alternatives to Obama Care; alternatives that would provide true improvements to the U.S. health care system and the delivery of quality and affordable care to U.S. citizens. The 112th Congress and President need to get to work and clean up the Obama Care mess.
Showing posts with label congress. Show all posts
Showing posts with label congress. Show all posts
Wednesday, January 19, 2011
Wednesday, August 5, 2009
U.S Health Care Reform: 6 Components in Small Package
Congress has done a very poor job in being transparent to citizen voters. The various Health Care bills floating in the House and Senate are another example of back-room deals and midnight bargains that only a select few in Congress are privy to, leaving the public in total darkness. The current health bills are to gargantuan to download to home desktops. The U.S. government broadcasts to the world that the U.S. A. is a democracy; one would think true hard copies of all proposed legislative Bills would be available for public view at the State and local offices of each U.S. Senators and Representatives - no such thing in the U.S., where Congress is a closed private club.
Most concerned citizens have serious reservations regarding the sustainability of any bill of 1000+ page proportion that leads to the creation of yet another Washington agency. The current health care bills, will create more bureaucracy and will eat up billions in administrative costs, yielding few health care benefits to the general public. Pie-in-the-sky legislation generally falls on it's face, and 100's of millions of dollars are lost to outright fraud.
President Obama should take control of his runaway Democratic dominated Congress and present a concise( 50 pages or less ), readable, health care package in Bill form, for the reconvening ( after August recess ) Congress to consider. A new draft, U.S. Health Care Reform package, should include the following components:
1) The pool of beneficiaries needs to be defined and limited: U.S. Citizens who have continuously resident within the U.S. for 7 consecutive years. The reasons for this limitation relate to personal health histories. The treatment of imported conditions and diseases is extremely costly and will financially sink any program of wide public benefit.
There is a distinction between pre-existing conditions and imported conditions and diseases.
2) There needs to be individual and family caps on services: suggest - $100,000. over 3 years for individuals; $200,000. over 3 years for a family of four. A carte blanche program is not sustainable.
3) Co-ops and HMO's need to be exempt from anti-trust laws, to form bargaining groups, that can contract for prescription drugs with pharmaceutical companies, medical equipment supplies, doctors and other health related services.
4) Medical licenses granted by one-state need to be recognized by other states. There needs to be a national registry of licensed doctors and health professionals who are in good standing. With the addition 40-50 million uninsured, there will be a shortage of doctors to address the health care needs of these new beneficiaries. Further, there must be a limitation on medical malpractice: a national standard needs to be defined: suggest - carelessness or gross-negligence with a cap on pain and suffering calculated at three ( 3 ) times actual damages + costs; and attorneys fees should be limited to not more than 15% of any award. A national process would be patterned after that established in California.
5) A National Health Care Trust should be established. Congress and the Administration should be prohibited from "dipping" into the NHCT. The NHCT Account held by Fed, fully deductible contributions, by anyone or entity, would be made through any FDIC insured member bank. There are going to be millions who, for one reason or another, or during a specific time period (e.g., while unemployed ), will be unable to pay any premium ( distinguish between premium and co-pay). The NHCT would be used, exclusively, to reimburse health services providers for services provided.
6) A "basic" coverage plan needs to be specifically defined and initial premium costs need to be established: suggest - $96.40 a month for individual coverage; $250.00 a month for family of four - all premiums fully deductible / $20.00 co-pay each visit/$30.00 co-pay for specialists. This is where existing HMO's can be most helpful. HMO’s can provide realistic costs and define what "basic" coverage can be realistically be provided within such costs parameters.
The current 1000+ pages bills or any massive bill needs to be scrapped ! President Obama, send Congress back to the drawing board. Produce a realistic bill that is readable and read by each and every member of Congress, and can be understood by the general public; and that specifically defines " what you pay, and what you get ". The current U.S. health distribution system needs to be tweeked not replaced.
Most concerned citizens have serious reservations regarding the sustainability of any bill of 1000+ page proportion that leads to the creation of yet another Washington agency. The current health care bills, will create more bureaucracy and will eat up billions in administrative costs, yielding few health care benefits to the general public. Pie-in-the-sky legislation generally falls on it's face, and 100's of millions of dollars are lost to outright fraud.
President Obama should take control of his runaway Democratic dominated Congress and present a concise( 50 pages or less ), readable, health care package in Bill form, for the reconvening ( after August recess ) Congress to consider. A new draft, U.S. Health Care Reform package, should include the following components:
1) The pool of beneficiaries needs to be defined and limited: U.S. Citizens who have continuously resident within the U.S. for 7 consecutive years. The reasons for this limitation relate to personal health histories. The treatment of imported conditions and diseases is extremely costly and will financially sink any program of wide public benefit.
There is a distinction between pre-existing conditions and imported conditions and diseases.
2) There needs to be individual and family caps on services: suggest - $100,000. over 3 years for individuals; $200,000. over 3 years for a family of four. A carte blanche program is not sustainable.
3) Co-ops and HMO's need to be exempt from anti-trust laws, to form bargaining groups, that can contract for prescription drugs with pharmaceutical companies, medical equipment supplies, doctors and other health related services.
4) Medical licenses granted by one-state need to be recognized by other states. There needs to be a national registry of licensed doctors and health professionals who are in good standing. With the addition 40-50 million uninsured, there will be a shortage of doctors to address the health care needs of these new beneficiaries. Further, there must be a limitation on medical malpractice: a national standard needs to be defined: suggest - carelessness or gross-negligence with a cap on pain and suffering calculated at three ( 3 ) times actual damages + costs; and attorneys fees should be limited to not more than 15% of any award. A national process would be patterned after that established in California.
5) A National Health Care Trust should be established. Congress and the Administration should be prohibited from "dipping" into the NHCT. The NHCT Account held by Fed, fully deductible contributions, by anyone or entity, would be made through any FDIC insured member bank. There are going to be millions who, for one reason or another, or during a specific time period (e.g., while unemployed ), will be unable to pay any premium ( distinguish between premium and co-pay). The NHCT would be used, exclusively, to reimburse health services providers for services provided.
6) A "basic" coverage plan needs to be specifically defined and initial premium costs need to be established: suggest - $96.40 a month for individual coverage; $250.00 a month for family of four - all premiums fully deductible / $20.00 co-pay each visit/$30.00 co-pay for specialists. This is where existing HMO's can be most helpful. HMO’s can provide realistic costs and define what "basic" coverage can be realistically be provided within such costs parameters.
The current 1000+ pages bills or any massive bill needs to be scrapped ! President Obama, send Congress back to the drawing board. Produce a realistic bill that is readable and read by each and every member of Congress, and can be understood by the general public; and that specifically defines " what you pay, and what you get ". The current U.S. health distribution system needs to be tweeked not replaced.
Friday, July 24, 2009
Health Care Reform - Open Letter to President & Congress
Dear President Obama, Senators and Representatives:
Yes, the U.S. needs health care reform BUT NOT AT ANY COST. I have reviewed various snippets from the 850+ page draft bills that have been circulating in the House and Senate. I am very disappointed in both House and Senate versions, and both represent a step backward regarding health care reform.
Massive bills ( any Bill over 50 pages, let alone the gargantuan 850+ pages health care versions ) have the probability that not less then 33% will be subject to Fraud amounting to billions of dollars of waste. IT IS TIME FOR THE PRESIDENT, SENATE AND HOUSE TO GO BACK TO THE DRAWING BOARD, and craft a health care reform package and bill, consisting of not more then 35-50 pages, readable ( and is read and singed off by every Senator and Representative ) and comprehensible by the average U.S. Citizen.
Current versions of health care reform, essentially rob senior Medicare recipients of current benefits in order to pay for the health care of virtually everyone who is in, or makes it to the U.S. Acceptable health care reform must be limited to U.S. citizens who have continuously resided in the U.S. for seven(7)consecutive years. Existing Medicare benefits should be left in place, and a form of basic coverage for eligible U.S. citizens with initial premiums of $96.40 per month per individual, and $250.00 per month for a qualifying family of four should be provided. All health care premiums should remain fully deductible and employer benefits should not be taxed.
A National Health Care Trust should be established, and Congress should be prohibited from dipping into or "borrowing" from the NHC Trust for any purpose or reason. The NHC Trust Account would be held at and by the Federal Reserve, and contributions to such an account could be made through any FDIC insured Federal Reserve Bank. Contributions to the account would be voluntary and fully deductible by any individual, person, trust, association, corporation or entity making the same.Proceeds of the fund would be used to defer the costs of basic health care coverage for qualifying U.S. citizens who are unable to make the premium payments for basic coverage.
A majority of citizens are in favor of health care reform, but opposed to the proposed versions in the form of bills now circulating in the Senate and House of Representatives. It is unnecessary to "break to bank" to have meaningful health care reform, but there is much more work that needs to be done by the Administration, Senate and House of Representatives before a coherent, readable and financially feasible health care reform package is formulated.
Respectfully,
D. Citizen
Yes, the U.S. needs health care reform BUT NOT AT ANY COST. I have reviewed various snippets from the 850+ page draft bills that have been circulating in the House and Senate. I am very disappointed in both House and Senate versions, and both represent a step backward regarding health care reform.
Massive bills ( any Bill over 50 pages, let alone the gargantuan 850+ pages health care versions ) have the probability that not less then 33% will be subject to Fraud amounting to billions of dollars of waste. IT IS TIME FOR THE PRESIDENT, SENATE AND HOUSE TO GO BACK TO THE DRAWING BOARD, and craft a health care reform package and bill, consisting of not more then 35-50 pages, readable ( and is read and singed off by every Senator and Representative ) and comprehensible by the average U.S. Citizen.
Current versions of health care reform, essentially rob senior Medicare recipients of current benefits in order to pay for the health care of virtually everyone who is in, or makes it to the U.S. Acceptable health care reform must be limited to U.S. citizens who have continuously resided in the U.S. for seven(7)consecutive years. Existing Medicare benefits should be left in place, and a form of basic coverage for eligible U.S. citizens with initial premiums of $96.40 per month per individual, and $250.00 per month for a qualifying family of four should be provided. All health care premiums should remain fully deductible and employer benefits should not be taxed.
A National Health Care Trust should be established, and Congress should be prohibited from dipping into or "borrowing" from the NHC Trust for any purpose or reason. The NHC Trust Account would be held at and by the Federal Reserve, and contributions to such an account could be made through any FDIC insured Federal Reserve Bank. Contributions to the account would be voluntary and fully deductible by any individual, person, trust, association, corporation or entity making the same.Proceeds of the fund would be used to defer the costs of basic health care coverage for qualifying U.S. citizens who are unable to make the premium payments for basic coverage.
A majority of citizens are in favor of health care reform, but opposed to the proposed versions in the form of bills now circulating in the Senate and House of Representatives. It is unnecessary to "break to bank" to have meaningful health care reform, but there is much more work that needs to be done by the Administration, Senate and House of Representatives before a coherent, readable and financially feasible health care reform package is formulated.
Respectfully,
D. Citizen
Wednesday, February 4, 2009
TO THE POINT 6 page STIMULUS - 650+ page HR #1 is GARBAGE
SHORT TITLE - [ DRAFT ] RECOVERY & MODERNIZATION ACT
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.
2.0- PURPOSE - Emergency: Congress and the citizenry of the United States have been confronted with an unprecedented financial crisis, affecting the value of the dollar, the stability of domestic and world markets, and adversely impacting the public, health, safety and welfare of the United States and its citizenry. These circumstances are declared an Emergency requiring Congress to immediately act to protect and preserve the health, safety and welfare of the citizens of the United States; and to so do, requires the re-structure Federal agencies and the regulation of banks, financial and credit institutions, and related markets; accordingly, any and all laws that are inconsistent with the purpose and/or provisions of the Act, including but not limited to Public Law 110-343 and P.L. 106-554 are, by this declaration, hereby expressly revoked, terminated, amended and/or modified, as may be required, so as not to be contrary to and/or inconsistent herewith.
2.1 - EFFECTIVE DATE: This Act shall be and immediately become law, in effect, on the day and date of the signature of the President, or any veto over- ride by Congress.
2.1. 01 -Expenditure Pre-Approval Required : The payment, expenditure and
/or disbursement of any funds, credits, monies, sums and/or amounts by the Secretary of the Treasury as authorized by Public Law 110-343 are hereby expressly terminated, and any further or future payments, expenditures and/or disbursements of U.S. Treasury funds, credits, monies, sums or amounts per Public Law 110-343 shall, on a case by case draw basis, require the prior written approval of any expenditure in excess of twenty-five million dollars, from a Special Joint Senate-House sub-committee composed of four (4) members ( 2 Democrats/2 Republicans). The Secretary of Treasury shall, on a case by case specific dollar amount request basis , present to said Special Joint Senate-House sub- committee details, terms and conditions, specific uses and purposes for the loan of Treasury funds to specific identified corporations and/or entities, together with a GAO assessment as to likely hood of repayment by the debtor entity or entities.
FURTHER, no draw against Treasury /Taxpayer funds duly appropriated by Congress, shall be authorized without the case-by-case pre-approval by said Special Joint Senate-House sub-committee as provided herein. This pre- approval provision shall not apply to States and/or public entitles with regard to appropriations for Public infrastructure projects.
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3.1 - Existing APR and Sub-Prime Mortgages: It shall be unlawful for any bank, company, entity or person, for a period of 3 years from the date of this Act, to charge or collect any interest on such indebtedness that exceeds the original rate charged to the U.S. citizen home borrower; further, after three years, the maximum adjusted interest that may be lawfully charged on such home, provided the original U.S. citizen 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 and only residence of the original U.S. citizen debtor.
3.1.01 - Freddie Mac and Fannie Mae: Mortgages, Deeds of Trust or other security instruments held by, or for the benefit of Freddie Mac and Fannie May, on individual homes used and occupied as the sole and only residence of U.S. citizens within the United States, when in default, but before foreclosure, abandonment or surrender by the citizen debtor occupant, shall be entitled to consideration for enrollment in a "Rent to Own" re-negotiation of the original debt incurred for the purchase of said Home.
(a) - Basic Structure of Rent to Own: Rent to Own is an option for qualified
U.S. citizens who are in default and faced with foreclosure ( requiring them and family to move out of their only home and residence) of properties in which Freddie Mac and/or Fannie Mae have an interest. Prior to foreclosure
Freddie Mac and/or Fannie Mae shall review the financial positions of U.S. citizen debtors in default to determine a realistic monthly payment, to be denominated "rent", considering the current market rate for comparable
rental properties and the citizen debtors ability to pay; in the event appropriate terms that will allow the citizen debtor and family to remain in the subject home ( which shall be occupied as the citizens debtors only residence ) can be achieved, then the subject citizen debtor shall execute a Warranty, Grant Deed other Deed fully re-conveying title to the home residence to Freddie Mac and/or Fannie Mae, and Freddie or Fannie then shall extend to the citizen a three (3) year Rental Agreement with option to re-purchase said home, at a price equal to the outstanding balance of the original loan on said residence.
3.2 - 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 consumer loan or extension of consumer credit to any person in the U.S., and/or to impose fees that exceed the 12% limitation. and any amounts that exceed such limitation shall be void. Violations of this sub-section are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth in 18 U.S.C. & Pub.Lw.98-473, together with any civil penalties and/or causes of action that may be applicable under the state laws where the debtor resides.
3.3 - 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 contracts.
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3.3.1- Violations: The RICO ACT, 18 U.S.C. #1951-1968 is amended to include Section 3.1, 3.2, & 3.3 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 3.1, 3.2 AND 3.3 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.
4.0 - EXTENSION OF MONEY AND/OR CREDIT OF THE UNITED STATES OR U.S. TREASURY: NO MONEY,CREDIT OR GUARANTEE OF THE UNITED STATES OR U.S. TREASURY SHALL BE EXTENDED TO ANY PRIVATE BANK, FINANCIAL INSTITUTION, COMPANY, ENTITY OR PERSON EXCEPT AS FOLLOWS:
4.1- Security Required: No loan, extension of credit, or guarantee 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, credit or guarantee extended by the U.S. Treasury. The cost of any such loan, credit or guarantee of the United States, shall include the full costs of administration of any such loan, credit extension or guarantee.
4.1.01 - Other Terms of Loan, Extension of Credit or Guarantee: The maximum period of any loan, credit or guarantee of the United States shall be limited to an cumulative total of no more then five (5 ) calendar years. Any and all banks, financial institutions, companies, entities or persons qualifying for and extended any loan, credit or guarantee 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. #1951-1968 & Pub.Lw. 98-473;
further, any and all loans, extensions of credit and/or guarantees of the United States extended to any qualified bank, financial institution, company, entity or person, shall bear interest at not less then 1.5% above the Federal Reserve bank rate, and such interest shall be paid to the U.S. Treasury on a monthly basis during the period of the loan, extension of credit or guarantee 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, extension of credit or guarantee.
a) Compensation Limitations: During the period of any loan, extension of credit or guarantee of the U.S., every Board of Directors member 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. #1951-1968 & P.L. 98-473.
Page 3 of 6/// DRAFT/ RECOVERY & MODERNIZATION
4.1.02 - Qualified Security: Qualified security for any loan, credit extension or guarantee 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 any Board of Directors member serving any bank, financial institution, company, entity or person seeking a loan, money, credit or guarantee from the United States, between the years 2002- 2008, has any interest in; AND/OR, the stock, warrants, options, bonds, real and personal property of said banks, financial institutions, companies, entities and/or persons. When socks and/or warrants are pledged and encumbered as a qualified security, the Treasury Department shall prepare and hold properly executed subordinated convertible debentures for controlling voting and ownership rights to and in said stock, warrants, options of such entities extended money, credit or guarantees of the United States.
5.0 - Federal Deposit Insurance Corporation [F.D.I.C. ] Coverage Increases: Existing laws, rules and/or regulations providing qualified banks and institutions with F.D.I.C. insurance coverage are hereby amended, by this reference, and coverage is increased to $250,000.00 per individual, per account, per bank or institution, and increased to $500,000.00 on retirement , IRA and/or Roth accounts.
The Secretary of Treasury and head of the F.D.I.C. are hereby directed to immediately extend coverage to all qualified institutions for individual and personal account coverage in and to the foregoing limits, and modify rules and regulations as necessary to provided for the same, and the premiums paid to the F.D.I.C. by qualified institutions for F.D.I.C. accounts shall accordingly be raised. Further, the Secretary of Treasury and the F.D.I.C. are hereby directed to modify, amend or enact such other rules and regulations as may necessary to implement account coverage increases consistent with this Act.
6.0 - Unemployment Compensation Extension - 12 months : Existing laws, rules and /or regulations providing of unemployment compensation, by this reference, are hereby modified to extend existing compensation to qualified U.S. citizens for an additional twelve ( 12 ) twelve consecutive months; and to extend equal compensation to U.S. citizens who become unemployed subsequent to the passage of this act, and who are otherwise qualified to receive unemployment compensation.
6.1 - U.S. Citizens receiving unemployment compensation shall also be eligible to receive food stamps and Medicare concurrent with their receipt of unemployment compensation
7.0 - Infrastructure Renewal & Improvement: Within 30 days after this act becomes law, States may submit specific proposals, including a list of contractors, construction
Page 4 of 6//// DRAFT/ RECOVERY & MODERNIZATION
blueprints, and costs for repairs and/or improvements to the Federal Interstate Highway system within said State. Priority shall be given to Federal Interstate Highway project within the limits of appropriations provided in this act for infrastructure renewal. All submittals under this section shall be made to the Secretary of Treasury.
7.1 - Other Public Works Projects: within 180 days after this act becomes law, and subject to the availability of unused appropriations, Cities, Towns and other public entities may submit specific proposals, including a list of contractors, construction blueprints, and costs for repairs and/or improvements to public works within said City, Town or public entity.
7.2 - Public Safety - within 30 days after this act becomes law States, Cities, Towns and other public agencies, subject to the availability of unused appropriations, may submit specific proposals including costs and numbers of police, firefighters and emergency responders that will be provided.
8.0 - Alternative Energy: It is hereby mandated that the U.S. shall become energy
independent by 2019. Energy independence means, for the purposes of this act,
that the U.S. shall import from foreign sources, no more then 15% of its energy, and/or fuels needs. In order to achieve energy independence Congress directs and authorizes
the Secretary of Treasury to receive proposals for U.S. engineered, designed and built projects, facilities and products to attain energy independence; further, the Secretary of Treasury is directed to modify and amend the Tax Code, rules and regulations
to provided for, among others that may be appropriate, to following tax credits.
8.1 - Dollar-for- Dollars federal tax credits shall be provided to each individual
and business for costs of the conversion of gasoline and diesel powered vehicles to compressed natural gas ( CNG ), hydrogen, electric power and for the instillation of machinery and equipment to provide natural gas ( CNG ), hydrogen, electric power for vehicles along the Federal Interstate Highway system, and public highways and roadways within the United States.
8.2 - Public Utilities : Regulated Public Utilities within the U.S. shall be given a 75% federal tax credit for the construction, retro-fitting, and or conversion of electric power generation facilities to solar, wind, clean coal; and the same 75% federal tax credits shall be available to any U.S. business and/or U.S. citizen that coverts to existing facilities, including but not limited to residential, farm, businesses, to use solar, wind, or alternative bio-mass fuel, for power.
9.0 - Citizen Tax Relief : U.S. citizens residing within the United States shall be immediately entitled to the following tax relief for the tax years 2008, 2009, 2010,2011, 2012:
9.1 - The Alternative Minimum Tax and rules and regulations related thereto
are hereby abolished. Further, individuals who's gross adjusted income exceeds $250,000.00 per year shall pay 20% tax on all income exceeding $250,000.00;
9.2 - Losses: Individuals and businesses commencing with tax year 2008, shall be entitled to write off up to $250,000.00 per year for losses, against income, and carry unused losses forward to tax years 2009-2012;
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9.3 - Education Tax Credits: Individual U.S. Citizens shall be entitled to take year 2008-2012 a $2000.00 per year per individual or dependent, tax credit against income for tuition paid to a U.S. accredited school, technical institution, college or university, this credit shall apply to primary, K-12, accredited schools, as well as accredited extended learning institutions.
10.0 - APPROPRIATIONS: The following appropriations of treasury funds are hereby authorized and approved to fund the provisions of this act as hereby provided.
10.1 - General Appropriation of $_____________________ as a drawing
account for the express purposes provided for in this act.
10.1.01 - Limitations:
(a) Lending to private institutions, including U.S. banks, financial services,
and corporations maximum consolidated limited to $______________;
(b) Unemployment Compensation & Medicare Coverage for unemployed
$______________;
(c) Infrastructure Renewal and Improvement................$______________;
(d) Alternative Energy ..................................................$______________;
11.0 - 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, or agency sub-contractor, to have any financial or other interest, direct or indirect, of any kind and or nature whatsoever, in any company, corporation, financial institution, or entity that is granted a loan, extension of credit or guarantee of or from the U.S. Treasury, or Government.
11.1 - Violations: Violations of this section 11.0, of this Act are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth at 18 U.S.C. #1957-1969 and Pub.Lw. 98-473.
12.0 - 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. State Courts shall have no authority to review the validity of any part, provision or portion of this Act. The authority of Federal District and Appellate Courts to review the validity of this Act or any part, provision or portion 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.
13.0 - SAVINGS CLAUSE: The provisions of this Act are separate and severable; should any part or provision of this Act be adjudicated unconstitutional by the full 9 judge panel of the U.S. Supreme Court, then the rest and remainder shall remain in full force and effect.
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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.
2.0- PURPOSE - Emergency: Congress and the citizenry of the United States have been confronted with an unprecedented financial crisis, affecting the value of the dollar, the stability of domestic and world markets, and adversely impacting the public, health, safety and welfare of the United States and its citizenry. These circumstances are declared an Emergency requiring Congress to immediately act to protect and preserve the health, safety and welfare of the citizens of the United States; and to so do, requires the re-structure Federal agencies and the regulation of banks, financial and credit institutions, and related markets; accordingly, any and all laws that are inconsistent with the purpose and/or provisions of the Act, including but not limited to Public Law 110-343 and P.L. 106-554 are, by this declaration, hereby expressly revoked, terminated, amended and/or modified, as may be required, so as not to be contrary to and/or inconsistent herewith.
2.1 - EFFECTIVE DATE: This Act shall be and immediately become law, in effect, on the day and date of the signature of the President, or any veto over- ride by Congress.
2.1. 01 -Expenditure Pre-Approval Required : The payment, expenditure and
/or disbursement of any funds, credits, monies, sums and/or amounts by the Secretary of the Treasury as authorized by Public Law 110-343 are hereby expressly terminated, and any further or future payments, expenditures and/or disbursements of U.S. Treasury funds, credits, monies, sums or amounts per Public Law 110-343 shall, on a case by case draw basis, require the prior written approval of any expenditure in excess of twenty-five million dollars, from a Special Joint Senate-House sub-committee composed of four (4) members ( 2 Democrats/2 Republicans). The Secretary of Treasury shall, on a case by case specific dollar amount request basis , present to said Special Joint Senate-House sub- committee details, terms and conditions, specific uses and purposes for the loan of Treasury funds to specific identified corporations and/or entities, together with a GAO assessment as to likely hood of repayment by the debtor entity or entities.
FURTHER, no draw against Treasury /Taxpayer funds duly appropriated by Congress, shall be authorized without the case-by-case pre-approval by said Special Joint Senate-House sub-committee as provided herein. This pre- approval provision shall not apply to States and/or public entitles with regard to appropriations for Public infrastructure projects.
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3.1 - Existing APR and Sub-Prime Mortgages: It shall be unlawful for any bank, company, entity or person, for a period of 3 years from the date of this Act, to charge or collect any interest on such indebtedness that exceeds the original rate charged to the U.S. citizen home borrower; further, after three years, the maximum adjusted interest that may be lawfully charged on such home, provided the original U.S. citizen 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 and only residence of the original U.S. citizen debtor.
3.1.01 - Freddie Mac and Fannie Mae: Mortgages, Deeds of Trust or other security instruments held by, or for the benefit of Freddie Mac and Fannie May, on individual homes used and occupied as the sole and only residence of U.S. citizens within the United States, when in default, but before foreclosure, abandonment or surrender by the citizen debtor occupant, shall be entitled to consideration for enrollment in a "Rent to Own" re-negotiation of the original debt incurred for the purchase of said Home.
(a) - Basic Structure of Rent to Own: Rent to Own is an option for qualified
U.S. citizens who are in default and faced with foreclosure ( requiring them and family to move out of their only home and residence) of properties in which Freddie Mac and/or Fannie Mae have an interest. Prior to foreclosure
Freddie Mac and/or Fannie Mae shall review the financial positions of U.S. citizen debtors in default to determine a realistic monthly payment, to be denominated "rent", considering the current market rate for comparable
rental properties and the citizen debtors ability to pay; in the event appropriate terms that will allow the citizen debtor and family to remain in the subject home ( which shall be occupied as the citizens debtors only residence ) can be achieved, then the subject citizen debtor shall execute a Warranty, Grant Deed other Deed fully re-conveying title to the home residence to Freddie Mac and/or Fannie Mae, and Freddie or Fannie then shall extend to the citizen a three (3) year Rental Agreement with option to re-purchase said home, at a price equal to the outstanding balance of the original loan on said residence.
3.2 - 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 consumer loan or extension of consumer credit to any person in the U.S., and/or to impose fees that exceed the 12% limitation. and any amounts that exceed such limitation shall be void. Violations of this sub-section are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth in 18 U.S.C. & Pub.Lw.98-473, together with any civil penalties and/or causes of action that may be applicable under the state laws where the debtor resides.
3.3 - 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 contracts.
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3.3.1- Violations: The RICO ACT, 18 U.S.C. #1951-1968 is amended to include Section 3.1, 3.2, & 3.3 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 3.1, 3.2 AND 3.3 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.
4.0 - EXTENSION OF MONEY AND/OR CREDIT OF THE UNITED STATES OR U.S. TREASURY: NO MONEY,CREDIT OR GUARANTEE OF THE UNITED STATES OR U.S. TREASURY SHALL BE EXTENDED TO ANY PRIVATE BANK, FINANCIAL INSTITUTION, COMPANY, ENTITY OR PERSON EXCEPT AS FOLLOWS:
4.1- Security Required: No loan, extension of credit, or guarantee 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, credit or guarantee extended by the U.S. Treasury. The cost of any such loan, credit or guarantee of the United States, shall include the full costs of administration of any such loan, credit extension or guarantee.
4.1.01 - Other Terms of Loan, Extension of Credit or Guarantee: The maximum period of any loan, credit or guarantee of the United States shall be limited to an cumulative total of no more then five (5 ) calendar years. Any and all banks, financial institutions, companies, entities or persons qualifying for and extended any loan, credit or guarantee 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. #1951-1968 & Pub.Lw. 98-473;
further, any and all loans, extensions of credit and/or guarantees of the United States extended to any qualified bank, financial institution, company, entity or person, shall bear interest at not less then 1.5% above the Federal Reserve bank rate, and such interest shall be paid to the U.S. Treasury on a monthly basis during the period of the loan, extension of credit or guarantee 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, extension of credit or guarantee.
a) Compensation Limitations: During the period of any loan, extension of credit or guarantee of the U.S., every Board of Directors member 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. #1951-1968 & P.L. 98-473.
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4.1.02 - Qualified Security: Qualified security for any loan, credit extension or guarantee 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 any Board of Directors member serving any bank, financial institution, company, entity or person seeking a loan, money, credit or guarantee from the United States, between the years 2002- 2008, has any interest in; AND/OR, the stock, warrants, options, bonds, real and personal property of said banks, financial institutions, companies, entities and/or persons. When socks and/or warrants are pledged and encumbered as a qualified security, the Treasury Department shall prepare and hold properly executed subordinated convertible debentures for controlling voting and ownership rights to and in said stock, warrants, options of such entities extended money, credit or guarantees of the United States.
5.0 - Federal Deposit Insurance Corporation [F.D.I.C. ] Coverage Increases: Existing laws, rules and/or regulations providing qualified banks and institutions with F.D.I.C. insurance coverage are hereby amended, by this reference, and coverage is increased to $250,000.00 per individual, per account, per bank or institution, and increased to $500,000.00 on retirement , IRA and/or Roth accounts.
The Secretary of Treasury and head of the F.D.I.C. are hereby directed to immediately extend coverage to all qualified institutions for individual and personal account coverage in and to the foregoing limits, and modify rules and regulations as necessary to provided for the same, and the premiums paid to the F.D.I.C. by qualified institutions for F.D.I.C. accounts shall accordingly be raised. Further, the Secretary of Treasury and the F.D.I.C. are hereby directed to modify, amend or enact such other rules and regulations as may necessary to implement account coverage increases consistent with this Act.
6.0 - Unemployment Compensation Extension - 12 months : Existing laws, rules and /or regulations providing of unemployment compensation, by this reference, are hereby modified to extend existing compensation to qualified U.S. citizens for an additional twelve ( 12 ) twelve consecutive months; and to extend equal compensation to U.S. citizens who become unemployed subsequent to the passage of this act, and who are otherwise qualified to receive unemployment compensation.
6.1 - U.S. Citizens receiving unemployment compensation shall also be eligible to receive food stamps and Medicare concurrent with their receipt of unemployment compensation
7.0 - Infrastructure Renewal & Improvement: Within 30 days after this act becomes law, States may submit specific proposals, including a list of contractors, construction
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blueprints, and costs for repairs and/or improvements to the Federal Interstate Highway system within said State. Priority shall be given to Federal Interstate Highway project within the limits of appropriations provided in this act for infrastructure renewal. All submittals under this section shall be made to the Secretary of Treasury.
7.1 - Other Public Works Projects: within 180 days after this act becomes law, and subject to the availability of unused appropriations, Cities, Towns and other public entities may submit specific proposals, including a list of contractors, construction blueprints, and costs for repairs and/or improvements to public works within said City, Town or public entity.
7.2 - Public Safety - within 30 days after this act becomes law States, Cities, Towns and other public agencies, subject to the availability of unused appropriations, may submit specific proposals including costs and numbers of police, firefighters and emergency responders that will be provided.
8.0 - Alternative Energy: It is hereby mandated that the U.S. shall become energy
independent by 2019. Energy independence means, for the purposes of this act,
that the U.S. shall import from foreign sources, no more then 15% of its energy, and/or fuels needs. In order to achieve energy independence Congress directs and authorizes
the Secretary of Treasury to receive proposals for U.S. engineered, designed and built projects, facilities and products to attain energy independence; further, the Secretary of Treasury is directed to modify and amend the Tax Code, rules and regulations
to provided for, among others that may be appropriate, to following tax credits.
8.1 - Dollar-for- Dollars federal tax credits shall be provided to each individual
and business for costs of the conversion of gasoline and diesel powered vehicles to compressed natural gas ( CNG ), hydrogen, electric power and for the instillation of machinery and equipment to provide natural gas ( CNG ), hydrogen, electric power for vehicles along the Federal Interstate Highway system, and public highways and roadways within the United States.
8.2 - Public Utilities : Regulated Public Utilities within the U.S. shall be given a 75% federal tax credit for the construction, retro-fitting, and or conversion of electric power generation facilities to solar, wind, clean coal; and the same 75% federal tax credits shall be available to any U.S. business and/or U.S. citizen that coverts to existing facilities, including but not limited to residential, farm, businesses, to use solar, wind, or alternative bio-mass fuel, for power.
9.0 - Citizen Tax Relief : U.S. citizens residing within the United States shall be immediately entitled to the following tax relief for the tax years 2008, 2009, 2010,2011, 2012:
9.1 - The Alternative Minimum Tax and rules and regulations related thereto
are hereby abolished. Further, individuals who's gross adjusted income exceeds $250,000.00 per year shall pay 20% tax on all income exceeding $250,000.00;
9.2 - Losses: Individuals and businesses commencing with tax year 2008, shall be entitled to write off up to $250,000.00 per year for losses, against income, and carry unused losses forward to tax years 2009-2012;
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9.3 - Education Tax Credits: Individual U.S. Citizens shall be entitled to take year 2008-2012 a $2000.00 per year per individual or dependent, tax credit against income for tuition paid to a U.S. accredited school, technical institution, college or university, this credit shall apply to primary, K-12, accredited schools, as well as accredited extended learning institutions.
10.0 - APPROPRIATIONS: The following appropriations of treasury funds are hereby authorized and approved to fund the provisions of this act as hereby provided.
10.1 - General Appropriation of $_____________________ as a drawing
account for the express purposes provided for in this act.
10.1.01 - Limitations:
(a) Lending to private institutions, including U.S. banks, financial services,
and corporations maximum consolidated limited to $______________;
(b) Unemployment Compensation & Medicare Coverage for unemployed
$______________;
(c) Infrastructure Renewal and Improvement................$______________;
(d) Alternative Energy ..................................................$______________;
11.0 - 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, or agency sub-contractor, to have any financial or other interest, direct or indirect, of any kind and or nature whatsoever, in any company, corporation, financial institution, or entity that is granted a loan, extension of credit or guarantee of or from the U.S. Treasury, or Government.
11.1 - Violations: Violations of this section 11.0, of this Act are defined as "racketeering" subjecting any violator to the penalties and provisions set-forth at 18 U.S.C. #1957-1969 and Pub.Lw. 98-473.
12.0 - 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. State Courts shall have no authority to review the validity of any part, provision or portion of this Act. The authority of Federal District and Appellate Courts to review the validity of this Act or any part, provision or portion 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.
13.0 - SAVINGS CLAUSE: The provisions of this Act are separate and severable; should any part or provision of this Act be adjudicated unconstitutional by the full 9 judge panel of the U.S. Supreme Court, then the rest and remainder shall remain in full force and effect.
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Saturday, January 10, 2009
Timed Tax Incentives NOT stimulus NEEDED
- HASTE MAKES WASTE -
* NO TO STIMULUS/ *** YES FOR TIMED TARGET TAX INCENTIVES
Opinion by Donald D. Holmes
Let's face reality, Congress has no clue in how to get the U.S. out of the financial melt-down and mess the U.S. is faced with. All eyes are on President elect Obama, in hopes that he and his new administration have" life boats" at the ready to rescue folks as the U.S. ship continues to sink.
Stimulus is a word that inspires hope, but hope and a prayer will not signal "turn around" any more then the Bush stimulus and $700 billion bail-out of Wall-Street/ AIG/ Banks, and now GM & Chrysler, have.
First, there has to be a re-structuring of the Federal Reserve and U.S banking system. Following a re-structuring that includes the elimination of the position of Chairman, credit-card interest and fee limitations [ 13% max; 12% interest and 1% total fees/late charges etc. included ] need to be imposed nationwide.
Next, Congress needs to terminate, rescind and revoke Public Law 110-343
( $700 billion Wall-Street Bail Out ), Public Law 106-554 ( Commodities Futures Modernization Act ), and to enact legislation designed to stabilize financial markets by prohibiting the sale or transfer of securities held for less then 13 consecutive calendar months.
The Home Foreclosure Crisis, can be mitigated by adopting a mandatory “Rent to Own” program whereby non-performing ( residential homes in default ) assets can be converted to income assets, i.e., title is transferred to the bank, Fannie, Freddie, and a lease/rental with option to purchase is executed by the homeowner.
Timed Target Tax Incentives, instead of a “Stimulus”, are needed to right the U.S. ship. Neither Congress nor the incoming Obama Administration have the capacity to effectively oversee the expenditure of $800 billion dollars of taxpayer/treasury funds. Look at the $700 billion [ Pub. Law 110-343 ] bail-out boondoggle. The Government cannot spend it’s way out-of-a recession or depression. What Congress and Administration can and should do is it make
specific changes to the IRS code, limited to 3 years [ 2009, 2010, 2011 ], that would allow individuals to write off their losses, and business to write off it’s losses against income. Further, provide dollar-for-dollar tax credits to individuals and businesses that modify houses, offices, plants and equipment ( vehicles ) to use alternative fuels ( e.g., CNG, solar etc. ). Such tax incentives need to be applied across the board to individuals as well as business. There
are and have been CNG conversions for both cars and trucks on the market for
many years. With tax credit incentive, individuals and businesses could convert
existing vehicles to CNG ( clean air vehicle fuel ), and service stations and homeowners could install the necessary compressors and equipment to re-fuel the converted vehicles.
In order to fill employment gaps created by the downturn, Congress can and should extend unemployment benefits for a full 52 weeks, 1 year. Regardless of what action is taken or not taken, there will be substantial employment displacement ( unemployment ) for the next few years. Both Congress and the Obama Administration need to man-up to this reality, and act to mitigate the consequences by extending unemployment benefits.
* NO TO STIMULUS/ *** YES FOR TIMED TARGET TAX INCENTIVES
Opinion by Donald D. Holmes
Let's face reality, Congress has no clue in how to get the U.S. out of the financial melt-down and mess the U.S. is faced with. All eyes are on President elect Obama, in hopes that he and his new administration have" life boats" at the ready to rescue folks as the U.S. ship continues to sink.
Stimulus is a word that inspires hope, but hope and a prayer will not signal "turn around" any more then the Bush stimulus and $700 billion bail-out of Wall-Street/ AIG/ Banks, and now GM & Chrysler, have.
First, there has to be a re-structuring of the Federal Reserve and U.S banking system. Following a re-structuring that includes the elimination of the position of Chairman, credit-card interest and fee limitations [ 13% max; 12% interest and 1% total fees/late charges etc. included ] need to be imposed nationwide.
Next, Congress needs to terminate, rescind and revoke Public Law 110-343
( $700 billion Wall-Street Bail Out ), Public Law 106-554 ( Commodities Futures Modernization Act ), and to enact legislation designed to stabilize financial markets by prohibiting the sale or transfer of securities held for less then 13 consecutive calendar months.
The Home Foreclosure Crisis, can be mitigated by adopting a mandatory “Rent to Own” program whereby non-performing ( residential homes in default ) assets can be converted to income assets, i.e., title is transferred to the bank, Fannie, Freddie, and a lease/rental with option to purchase is executed by the homeowner.
Timed Target Tax Incentives, instead of a “Stimulus”, are needed to right the U.S. ship. Neither Congress nor the incoming Obama Administration have the capacity to effectively oversee the expenditure of $800 billion dollars of taxpayer/treasury funds. Look at the $700 billion [ Pub. Law 110-343 ] bail-out boondoggle. The Government cannot spend it’s way out-of-a recession or depression. What Congress and Administration can and should do is it make
specific changes to the IRS code, limited to 3 years [ 2009, 2010, 2011 ], that would allow individuals to write off their losses, and business to write off it’s losses against income. Further, provide dollar-for-dollar tax credits to individuals and businesses that modify houses, offices, plants and equipment ( vehicles ) to use alternative fuels ( e.g., CNG, solar etc. ). Such tax incentives need to be applied across the board to individuals as well as business. There
are and have been CNG conversions for both cars and trucks on the market for
many years. With tax credit incentive, individuals and businesses could convert
existing vehicles to CNG ( clean air vehicle fuel ), and service stations and homeowners could install the necessary compressors and equipment to re-fuel the converted vehicles.
In order to fill employment gaps created by the downturn, Congress can and should extend unemployment benefits for a full 52 weeks, 1 year. Regardless of what action is taken or not taken, there will be substantial employment displacement ( unemployment ) for the next few years. Both Congress and the Obama Administration need to man-up to this reality, and act to mitigate the consequences by extending unemployment benefits.
Friday, December 5, 2008
WHAT IS GOOD FOR G.M. IS NOT GOOD FOR U.S.A.
It is difficult to let go of the past, but the " good old days ", as some would say, have been gone forever. G.M., Chrysler and Ford represent the past, and have gone the way of the " Wild West ". Public consensus has moved on, yet the U.S. Congress is bogged down with past memories of glory days in large part do to the lack of a term limits amendment and the promotion of members based on seniority as opposed to competence. Congress does not "get it"as best illustrated by the passage of the $700 billion Wall-Street Bail-Out opposed by main-street U.S.A. And where did the $700 billion get main-street, deeper in debt.
For the past two years, main-street has known the U.S. is in a recession, duh; but Congress and the Administration are still struggling to recover from a drug induced haze, and admit what has been common knowledge for well over a year. Now, these masters of the universe are jaw boning with the rich and now infamous CEO's of what once were the Big 3 ( G.M., Ford, Chrysler ) U.S. automakers about what can be done to insure the survival of these white elephants. Think of it this way, if the CEO's and really knew their stuff, they would not be before Congress asking for a now $34 billion, soon to be a $75 billion and who knows, maybe a $125 billion or more taxpayer life ring. It's a blind leading the blind scenario, that spells disaster for main-street and the U.S. taxpayer. You would think at least one of the congressional committee heads would query: Where are the CEO's of Toyota U.S.A. and Honda U.S.A. ? You don't see these guys seated at the table asking for a Taxpayer/Congressional Bail-Out.
Thank Congress for GATT and NAFTA, good U.S. jobs are hard to find. The masters of the universe in Washington sent good U.S. jobs offshore with typical lack of foresight and to insure the lavish lifestyles of corporate execs. Congress loves to talk about main-street, but shuns associating directly with main-street. As before, main-street does not want to bail-out the once Big 3 , now Detroit-3, and yet Congress is hell bent for leather, to keep feeding these dead horses. Feed the walking dead and they will cut lose over 100,000 rank-and-file workers; don' t feed G.M and Chrysler and you will lose over 100,000 rank-and-file workers; it's a zero sum for workers no matter what Congress does.
Congress does not have it's house in order, let alone trying to craft a plan for the survival of the terminally ill Detroit-3 automakers. The Detroit-3 proposals are 48 years to late; this is 2008-9, not 1960. In 1960, when it was apparent that foreign auto makers were making impressive inroads in U.S. markets, had the then still Big-3, joined the reality train and re-structured at that time, they would not have become the walking dead Detroit-3 of today.
Congress should let the chips fall where they may; stay out of the fray. The U.S. public. main-street U.S.A. have become accustomed to taking it in the shorts from big corporations and Congress; we will adapt and survive, no thanks to Congress.
It is difficult to let go of the past, but the " good old days ", as some would say, have been gone forever. G.M., Chrysler and Ford represent the past, and have gone the way of the " Wild West ". Public consensus has moved on, yet the U.S. Congress is bogged down with past memories of glory days in large part do to the lack of a term limits amendment and the promotion of members based on seniority as opposed to competence. Congress does not "get it"as best illustrated by the passage of the $700 billion Wall-Street Bail-Out opposed by main-street U.S.A. And where did the $700 billion get main-street, deeper in debt.
For the past two years, main-street has known the U.S. is in a recession, duh; but Congress and the Administration are still struggling to recover from a drug induced haze, and admit what has been common knowledge for well over a year. Now, these masters of the universe are jaw boning with the rich and now infamous CEO's of what once were the Big 3 ( G.M., Ford, Chrysler ) U.S. automakers about what can be done to insure the survival of these white elephants. Think of it this way, if the CEO's and really knew their stuff, they would not be before Congress asking for a now $34 billion, soon to be a $75 billion and who knows, maybe a $125 billion or more taxpayer life ring. It's a blind leading the blind scenario, that spells disaster for main-street and the U.S. taxpayer. You would think at least one of the congressional committee heads would query: Where are the CEO's of Toyota U.S.A. and Honda U.S.A. ? You don't see these guys seated at the table asking for a Taxpayer/Congressional Bail-Out.
Thank Congress for GATT and NAFTA, good U.S. jobs are hard to find. The masters of the universe in Washington sent good U.S. jobs offshore with typical lack of foresight and to insure the lavish lifestyles of corporate execs. Congress loves to talk about main-street, but shuns associating directly with main-street. As before, main-street does not want to bail-out the once Big 3 , now Detroit-3, and yet Congress is hell bent for leather, to keep feeding these dead horses. Feed the walking dead and they will cut lose over 100,000 rank-and-file workers; don' t feed G.M and Chrysler and you will lose over 100,000 rank-and-file workers; it's a zero sum for workers no matter what Congress does.
Congress does not have it's house in order, let alone trying to craft a plan for the survival of the terminally ill Detroit-3 automakers. The Detroit-3 proposals are 48 years to late; this is 2008-9, not 1960. In 1960, when it was apparent that foreign auto makers were making impressive inroads in U.S. markets, had the then still Big-3, joined the reality train and re-structured at that time, they would not have become the walking dead Detroit-3 of today.
Congress should let the chips fall where they may; stay out of the fray. The U.S. public. main-street U.S.A. have become accustomed to taking it in the shorts from big corporations and Congress; we will adapt and survive, no thanks to Congress.
Thursday, September 25, 2008
Bail-Out/ WHAT THE U.S. CONGRESS SHOUD BE CONSIDERING
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.
Page 1 of 4
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.
Page 2 of 4 - Citizens Economic Stability Act of 2008
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.
Page 3 of 4 - Citizens Economic Stability Act of 2008
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.
Page 4 of 4 - Citizens Economic Stability Act of 2008 ///end
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.
Page 1 of 4
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.
Page 2 of 4 - Citizens Economic Stability Act of 2008
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.
Page 3 of 4 - Citizens Economic Stability Act of 2008
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.
Page 4 of 4 - Citizens Economic Stability Act of 2008 ///end
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