NESARA The National Economic Stabilization and Recovery Act 108th CONGRESS 2nd Session H. R. ________________ (This bill has not yet been introduced into Congress) To amend the Federal Reserve Act of 1913, as amended; and the Internal Revenue Code of 1939, as amended; in order to secure for the American people their unalienable right to Life, Liberty, and Property. IN THE HOUSE OF REPRESENTATIVES _____________________ for himself, _____________________, _________________, _________________, _________________, introduced the following bill; which was referred to the committee on ____________________ A BILL To amend the Federal Reserve Act to provide for the American people a constitutionally accurate, sound, safe, and honest medium of exchange; and, To amend the Internal Revenue Code enacted on February 10, 1939, as amended, to abolish the collection of revenue based on income and to establish a constitutional tax system within the classes of imposts, excises and duties; So that the endeavors of the American people in agriculture, industry and commerce may prosper. TITLE: NATIONAL ECONOMIC STABILIZATION AND RECOVERY ACT Be it enacted by the Senate and House of Representatives of the United States of America in Congress Assembled, http://nesara.org 1 NESARA The National Economic Stabilization and Recovery Act Table of Contents Purpose.........................................................................................................................................................4 What is wrong with America?...................................................................................................................4 Can We Really “Fix” America? Can One Bill Repair The Damage? .......................................................4 Executive Summary ....................................................................................................................................5 Monetary Policy Reform...........................................................................................................................5 Fiscal Policy Reform.................................................................................................................................5 What NESARA Does Not Immediately Do ..............................................................................................5 Detailed Summary–Part I Banking and Monetary Reform....................................................................6 Immediate Relief and Results ...................................................................................................................6 The Federal Reserve System.....................................................................................................................6 Monetary Policy ........................................................................................................................................6 Banking .....................................................................................................................................................7 Detailed Summary–Part II National Sales and Use Tax..........................................................................8 Immediate Relief and Results ...................................................................................................................8 The Income Tax ........................................................................................................................................8 Sales and Use Tax .....................................................................................................................................8 Part I. Banking and Monetary Reform...................................................................................................10 Section 1. Definitions..............................................................................................................................10 Section 2. Findings..................................................................................................................................13 Section 3. Congressional Control Of The United States Monetary System............................................14 Section 4. Provisions For United States Currency ..................................................................................14 Section 5. Reformation Of The Federal Reserve System........................................................................18 Section 6. Reformation Of The Federal Reserve Banks..........................................................................21 Section 7. Regulation Of Commercial Banks And Other Financial Institutions.....................................22 Section 8. Excise Tax Imposed On Monetization-Fee Or Interest Income .............................................24 Section 9. Regulation Of The Exchange Value Of Treasury Credit-Notes.............................................25 Section 10. Authorization For Limited Bank Charters............................................................................26 Section 11. Regulation Of Postal Money Orders ....................................................................................26 Section 12. Crime Defined And Punishment Established.......................................................................27 Section 13. All Inconsistent Acts Repealed ............................................................................................27 Part II. National Sales and Use Tax.........................................................................................................28 Section 1. Definitions..............................................................................................................................28 Section 2. Findings..................................................................................................................................30 Section 3. Federal Income Tax Abolished ..............................................................................................31 Section 4. Revision Of The Internal Revenue Service............................................................................32 Section 5. National Sales And Use Tax Imposed....................................................................................32 Section 6. Liability For And Disposition Of The National Sales And Use Tax......................................34 Section 7. Compensation For Tax Policy Changes .................................................................................37 Section 8. Recovery Of Taxes, Penalty, And Interest .............................................................................37 Section 9. Crime Defined And Punishment Established.........................................................................40 Section 10. All Inconsistent Acts Repealed ............................................................................................41 Appendix A ................................................................................................................................................42 Part I. Banking and Monetary Reform Explanation and Details.............................................................42 Appendix B ................................................................................................................................................54 Part II. National Sales and Use Tax Explanation and Details .................................................................54 http://nesara.org 2 NESARA The National Economic Stabilization and Recovery Act Appendix C ................................................................................................................................................66 Fair or Equitable?....................................................................................................................................66 Imagine Legislation That… ....................................................................................................................67 Promotes Universal Home Ownership................................................................................................67 Terminates or Drastically Reduces Existing Mortgage Debt ..............................................................69 Provides New Banking Rules That Are Equitable To All...................................................................70 Eliminates Federal Income Taxes .......................................................................................................71 Enables Single Parents to Support Their Families ..............................................................................72 Restores Financial Privacy ..................................................................................................................73 Restores Inner Cities as Vital Economic Areas...................................................................................74 Improves the Balance of Trade ...........................................................................................................75 Restores High-Paying Productive Jobs ...............................................................................................75 Increases Benefits to Senior Citizens ..................................................................................................76 Doubles the Average Standard of Living ............................................................................................77 Eliminates Bank Failures ....................................................................................................................78