THE INTEREST-FREE MONEY BANKING ACT – Interest Free Banking

THE ABRAHAM LINCOLN BANKING ACT

THE INTEREST-FREE MONEY BANKING ACT

1. The United States Treasury shall be the sole source of original monetary issue.

2. The Federal Reserve Act of 1913 and all its amendments, codes, and regulations are repealed. The Federal Reserve Banks’ entire properties and assets are transferred to the United States Treasury.

3. As designated in Article 1 Section 8 Clauses 2 and 5 of the United States Constitution: Congress shall coin, create, provide and regulate money and money credits for all the requirements of the United States, both public and private.

4. The United States Treasury, being the central bank of and for the United States of America, shall service the money and money credit needs of both the private sector and the public sector through a public banking system. The United States Treasury is granted the right to purchase at appraised market price from a willing seller or to rent at prevailing market price what buildings and office space it deems necessary for the establishment of a public banking system throughout the United States of America. The United States Treasury is also granted the right to purchase at appraised market price whatever land it deems necessary to build on; the United States Treasury is also granted the right to build what facilities it deems necessary and appropriate on any land it has purchased. The United States Treasury shall spend into circulation U.S. Treasury-issued interest-free money to pay for all costs associated with establishing and maintaining a publicly-owned U.S. central bank and banking system throughout the United States of America.

5. The United States Treasury is granted the right to coordinate with the United States Postal Service and utilize where deemed necessary and appropriate post office locations for everyday banking services.

6. Payment of U.S. Government debt obligations shall be paid with United States Treasury-issued interest-free money for the payment of principle and interest when such debt obligations come due. Future monetary obligations of the U.S. Government shall be spent into circulation with United States Treasury-issued interest-free money, but such monetary obligations of the U.S. Government are limited to public works/infrastructure projects only. Any and all public work(s)/infrastructure project(s) approved by the U.S. Congress require a sixty (60) day waiting period before any spending of United States Treasury-issued interest-free money. The definition of public work(s)s/infrastructure project(s): The development and subsequent construction of works that are for the use of the population as a whole.

7. All existing debt-interest money (U.S. Dollar) loans of all United States citizens shall be transferred to the United States Treasury’s public banking system and be converted by the United States Treasury into interest-free money (U.S. Dollar) loans within sixty (60) calendar days of when this Act becomes law.

8. Money or money credits not originating from the United States Treasury are barred from receiving any United States taxpayer endorsement or any financial support from the United States Treasury.

9. Only U.S. citizens are eligible for U.S. Treasury-issued interest-free loan money with each and every United States citizen entitled to borrow whatever amount of interest-free loan money that sound banking principles (as determined by the United States Treasury) has them qualified for. The United States Treasury shall determine all down payment requirement(s) and shall determine all monthly repayment amount(s) and repayment schedule(s) for all its interest-free money loans. The United States Treasury shall also determine all down payment requirement(s) and shall determine all interest rate(s) and repayment schedule(s) for all its loans to non-U.S. citizens. Whatever interest money the United States Treasury is collecting on such loans during the fiscal year is the amount of money to be credited to the federal budget for that fiscal year.

a.) United States Treasury-issued loan money is restricted to a maximum amount of 5 Million Dollars ($5,000,000) per U.S. citizen for both personal and business use.

b.) United States Treasury-issued interest-free loan money can be used for the purchase of a corporation or a company when such purchase doesn’t involve a hostile takeover.

c.) United States Treasury-issued loan money cannot be used for investment money or for gambling money.

d.) All existing debt-interest money loans of those individuals who aren’t citizens of the United States shall be transferred to the United States Treasury’s public banking system and remain in effect. Whatever interest money the United States Treasury is collecting on such loans during the fiscal year is the amount of money to be credited to the federal budget for that fiscal year. Upon its discretion: The United States Treasury has the authority to refinance any non-U.S. citizens’ interest-bearing loan to a lower interest rate.

e.) Any U.S. citizen so desiring may opt out of receiving United States Treasury-issued interest-free loan money and thereby receive the same financial and monetary consideration(s) as non-U.S. citizens are by the United States Treasury. Whatever interest money the United States Treasury is collecting on these loans during the fiscal year from these U.S. citizens is the amount of money to be credited to the federal budget for that fiscal year. At its discretion: The United States Treasury can refinance non-U.S. citizens’ interest-bearing loans to a lower interest rate.

10. State and local governments will qualify for interest-free loan money direct from the United States Treasury to pay-off existing state and local debt obligations and have these state and local debt obligations re-financed with U.S. Treasury-issued interest-free loan money. State and local governments will qualify for interest-free loan money direct from the United States Treasury to finance state and local public work(s)/infrastructure project(s) that have received voter authorization at the state or local level.

The Interest-Free Money Banking Act (explained)

1. The United States Treasury shall be the sole source of original monetary issue.

2.. The Federal Reserve Act of 1913 and all its amendments, codes, and regulations are repealed. The Federal Reserve Banks’ entire properties and assets are transferred to the United States Treasury.

Numbers 1. and 2. Restores ownership of the money printing presses of the United States back to each and every U.S. citizen through their publicly-owned United States Treasury.

Number 3. Cites the constitutional monetary duty and authority of the U.S. Congress.

Number 4. The U.S. Treasury is established as the central bank of and for the U.S. with its publicly-owned banking system providing all the money and money credit supply needs of the private sector and the public sector. To make the transition from private banking to public banking as simple and as easy as possible: Any and all financial facilities belonging to banks, credit unions, Savings & Loans, credit card companies, and payday loan stores that the U.S. Treasury deems necessary for its public banking system can be purchased at appraised market value from a willing seller, or rented at prevailing market price, or the U.S. Treasury can buy the necessary land and build . In other words: Any building owner or employee is free to make other arrangements for their facilities or for their employment when this Act becomes law. The U.S. Treasury is more than capable of finding replacement personnel for its national banking system. The U.S. Treasury is also more than capable of building, renting, or buying replacement facilities for the office space it needs for its nationwide public banking system.

Number 5. Until the 1960s, postal office locations throughout the United States were providing the public with everyday banking services. With the United States Treasury’s public banking system, post office locations can once again be utilized to provide everyday banking services to the public.

6. Payment of U.S. Government debt obligations shall be paid with United States Treasury-issued interest-free money for the payment of principle and interest when such debt obligations come due. Future monetary obligations of the U.S. Government shall be spent into circulation with United States Treasury-issued interest-free money, but such monetary obligations of the U.S. Government are limited to public work(s)/infrastructure project(s) only. Any and all public work(s)/infrastructure project(s) approved by the U.S. Congress require a sixty (60) day waiting period before any spending of United States Treasury-issued interest-free money. The definition of public work(s)/infrastructure project(s): The development and subsequent construction of works that are for the use of the population as a whole.

Number 6. Establishes how U.S. Government debt obligations are paid using United States Treasury-issued interest-free money. When current U.S. Government securities/bonds/bills come due: the bearer is paid in full – principal and interest – with interest-free money issued by the U.S. Treasury. Also established is how the U.S. Government’s credit is now spent into circulation using U.S. Treasury-issued interest-free money to pay for any and all authorized congressional expenditures related only to public works/infrastructure projects. A definition of what constitutes a public works/infrastructure project is given as defined by Black’s Law Dictionary. By limiting congressional spending of interest-free money to public works/infrastructure projects only: the Congress cannot go hog wild spending interest-free money and ruin the value of a non-inflationary currency. The sixty (60) day waiting period on congressionally-approved public work(s)/infrastructure project(s) before any U.S. Treasury-issued interest-free money can be spent gives state residents and local congressional residents the ability to cry foul on any congressional stupidity. While most all congressionally-approved public works projects make sense, there are certain occasions when they don’t. For instance: This one U.S. Senator (R) from Alaska wanted to build a bridge to nowhere in his home state, and this one U.S. Senator (D) from Nevada wanted to build a high-speed passenger railway from Las Vegas to a nonsensical destination in California – Victorville. Such idiotic projects never saw the light of day because of the resulting public outcry in those states and nationally. In addition, the U.S. taxpayer will be saved immense sums of money with the elimination of interest payment(s) on all public work(s)/infrastructure project(s).

Number 7. Transfers all private-banking debt-interest money loans made to U.S. citizens to the new public banking system with its interest-free loan money.

8. Money or money credits not originating from the United States Treasury are barred from receiving any United States taxpayer endorsement or any financial support from the United States Treasury.

Number 8. Establishes the U.S. Treasury and its publicly-owned banking system as the only legal authority in the United States able to create money or money credit in any form. Any and all paper created by private bankers as money — e.g. derivatives — no longer has U.S. taxpayer backing. The only financial instrument the U.S. Taxpayer now backs as money is the interest-free U.S. Dollar along with any and all outstanding local, state, and federal (U.S. Dollar) debt obligations.

a.) United States Treasury-issued loan money is restricted to a maximum amount of 5 Million Dollars ($5,000,000) per U.S. citizen for both personal and business use.

b.) United States Treasury-issued interest-free loan money can be used for the purchase of a corporation or a company when such purchase doesn’t involve a hostile takeover.

c.) United States Treasury-issued loan money cannot be used for investment money or for gambling money.

Number 9. Declares that sound banking principles determine what amount of interest-free money each and every U.S. citizen is entitled to. Public banking –with the U.S. Treasury now acting as the central bank for the U.S. — is a flexible system. Obviously, there’s a significant difference between the first-time home buyer and someone buying a second home. That second-time home buyer — as determined by the U.S. Treasury — would have a higher down payment requirement and/or higher monthly mortgage payment and/or shorter repayment time schedule as compared to the first-time home buyer. Such flexibility gives the U.S. Treasury control over price inflation and the volume of credit money in the economy to ensure a stable currency. Keep in mind that because of the huge money savings you’ll be enjoying with interest-free money means you’ll have the ability on your own to save significant amounts of money rather quickly over time.

a.) A publicly-owned banking system with its interest-free money is a commercial banking system for the more than 99% of U.S. citizens who live on Main Street. A limit of 5 Million Dollars ($5,000,000) is set on how much interest-free money each and every U.S. citizen is entitled to borrow according to sound banking principles. (This Five Million Dollar limit reflects the amount of money one may currently borrow from the Small Business Administration.) This limit ensures a fair-and-square (commercial) banking system for everyone’s benefit. Wall Street and its investment banking system are still in existence for matters of high finance — but without U.S. taxpayer backing. The investment principle known as: risk/reward now prevails. (Also see c.)

b.) So that a fair-and-square public banking system is always maintained: Interest-free loan money may not be used to facilitate a hostile corporate takeover.

c.) A publicly-owned U.S. central bank — the United States Treasury — and public banking system with its interest-free money means that a Dollar is now always worth about a Dollar today, tomorrow, fifty years from now. This doesn’t mean you cannot invest in the stock market or any other Wall Street investment profit-making opportunity. You just cannot use interest-free loan money as investment money or as gambling money. Instead, you use your (earned) interest-free money for any and all investment(s)/gambling. The investment principle known as: risk/reward that prevails in Las Vegas sportsbooks now prevails on Wall Street. There’s that Las Vegas slogan, “What happens in Vegas stays in Vegas.” The same investment principle would now apply to Wall Street as the only financial instrument now backed by the U.S. taxpayer is the interest-free U.S. Dollar. Pools of financial capital for high finance to tap would still exist. With a public banking system though: Investor(s) make their money by sharing in the profit(s) a business is generating rather than making their money from renting their money out to a business.

d.) Only those who are U.S. citizens qualify for interest-free money since one’s legal right to interest-free money is only found in the United States Constitution. According to the Bible, the foreigner in your midst may be charged interest for their loan money. Whatever interest payment money the U.S. Treasury has collected during the fiscal year on its interest-bearing loans to non-U.S. citizens: that interest payment money goes to the payment of the federal budget for that fiscal year. In addition: Those non-U.S. citizens who have violated U.S. immigration law and who are here illegally are denied access and service by U.S. citizen’s publicly-owned banking system.

e.) For those U.S. citizens who want to remain as interest-paying slaves to a debt-interest money system: this right isn’t taken away as these U.S. citizens have the option of opting out of receiving U.S. Treasury-issued interest-free loan money. Nothing, then, could be fairer to every U.S. citizen than that. These debt-interest loans – both current and future — of these U.S. citizens shall be treated the same way as non-U.S. citizens are by the U.S. Treasury.

Number 10. Establishes that state and local debt obligations are paid-off using U.S. Treasury-issued interest-free loan money. State and local taxes will therefore be lower with the elimination of interest payment(s). Establishes that state and local public work(s)/infrastructure project(s) that have received voter authorization are automatically qualified for U.S. Treasury-issued interest-free loan money. Again, state and local taxes will therefore be lower with the elimination of interest payment(s).

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