H.R. 2990: National Emergency Employment Defense Act of 2011
Before you vote › Federal bills
H.R. 2990: National Emergency Employment Defense Act of 2011
112th Congress · introduced 2011-09-21 · Economics and Public Finance · Latest: Subcommittee Hearings Held.
federal
Follow this bill, step by step
- Where it came from: introduced 2011-09-21 · official record
- Who proposed it: Rep. Kucinich, Dennis J. [D-OH-10] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Subcommittee Hearings Held. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
National Emergency Employment Defense Act of 2011
Plain summary
National Emergency Employment Defense Act of 2011 - Replaces Federal Reserve notes with United States Money. Instructs the Secretary of the Treasury to originate United States Money to address any negative fund balances resulting from a shortfall in available government receipts to fund government appropriations. Subjects to criminal and civil penalties any person who creates or originates United States Money by lending against deposits through "fractional reserve banking." Prohibits borrowing by the Secretary or by any federal agency or department, independent establishment of the executive branch, or any other instrumentality of the United States (other than a national bank, federal savings association, or federal credit union) from any source other than the Secretary. Requires the Secretary to begin to retire all outstanding instruments of U.S. indebtedness by payment in full of the amount legally due the bearer in United States Money. Prescribes requirements for the entry of United States Money into circulation. Directs the Secretary to purchase all net assets in the Federal Reserve System, including the Federal reserve banks. Requires return to any member bank in the form of United States Money of any reserves held by any Federal reserve bank. Establishes: (1) the Monetary Authority to establish monetary supply policy and monitor the nation's monetary status, (2) the Bureau of the Federal Reserve to administer the origination and entry into circulation of United States Money, (3) the Emergency Board to recommend to Congress when a national emergency requires the President to issue a certification of emergency for the exercise of authority by the Monetary Authority as lender of last resort, and (4) a revolving loan fund in the Treasury for relending to banking institutions. Sets forth a conversion process to replace fractional reserve banking with the lending of United States Money. Sets a ceiling on interest rates. Requires the Monetary Authority to instruct the Secretary to disperse monetary grants to states for public infrastructure, education, health care and rehabilitation, pensions, and paying for unfunded federal mandates. Directs the Secretary to make recommendations to Congress for payment of a tax-free Citizens Dividend to all U.S. citizens residing in the United States in order to provide liquidity to the banking system at the commencement of this Act, before governmental infrastructure expenditures have had a chance to work into circulation. Prescribes requirements for federal funding of education programs, coverage of any deficits in Social Security Trust Fund account, a universal health care plan, resolution of aspects of the mortgage crisis, and a program of interest-free lending of United States Money to state and local governmental entities.
Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.
What a vote does
A “Yea” vote
If it passes both chambers and is signed, it becomes law.
A “Nay” vote
If it is not passed, current law stays as it is.
PSI Sci description of the legislative step (not an opinion).
What does this mean? (plain words)
Official text
National Emergency Employment Defense Act of 2011
Source: Congressional Research Service summary (Introduced in House)
AI explanation – may be wrong, check the official text
No AI explanation yet. It takes up to a minute to write and is then saved for everyone.
Limited to a few requests an hour per person.
The strongest published arguments
Arguments for (supporters)
Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.
Arguments against (opponents)
Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.
Alternatives
Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.
How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Rep. Kucinich, Dennis J. [D-OH-10] · 1 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (3)
- Appropriation
- Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
- Resolution
- A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.
- Securities
- Financial investments that can be bought and sold, such as stocks and bonds.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in House)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr2990.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>
Record fed-us-cong112-hr2990 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112