Section 5. Reform of the Federal Reserve System.
(A) The Federal Reserve Act of 1913, as amended, is modified again, according to its provisions for dissolution and recovery of assets of the Federal Reserve System.
(B) Management System of the Federal Reserve gives the Treasury of the United States in a new Treasury Department, is established and called Reserve System Treasury of the United States or the short title of System Reserve Treasure.
(C) a Board of Governors Reserve System Treasury in charge of administration Reserve System Treasury is established, to exercise all the powers and duties granted under the provisions of this Act and such powers and duties, some which they are subject. the
amendments to this Act, previously granted specifically to the Board of Governors and the Federal Open Market Committee Federal Reserve System. This Board shall consist of thirteen officers including a Director of the Board plus a Governor of the Board of each of the twelve districts of Banks of the existing Federal Reserve Districts hereinafter called Reserve US Treasury.
(1) All officials of the Board of Governors Reserve System Treasury shall be appointed by the President of the United States with the advice and consent of the Senate, the initial selection of thirteen officials beginning with the approval of this Act and follow guidelines set forth herein. The selection will be made without discrimination based on race, creed, color, sex or national origin. Any person who is or has been a senator or representative in Congress will be an official of the Board of Governors of the Treasury Reserve System.
(2) The officer who serves as Director of the Board of Governors Reserve System Treasury:
(a) be a citizen of the United States; and
(b) will be selected from the nation in general; and,
(c) be a person of proven banking or financial experience; and
(d) you will receive a salary equivalent in amount to the salary of a member of the United States Senate; and
(e) maintain an office within the District of Columbia; and
(f) not have a specific mandate, being replaced like President of the United States with the advice and consent of the Senate.
(3) Each officer who serves as Governor on the Board of Governors of the Treasury Reserve System:
(a) be a citizen of the United States; and
(b) it shall have been resident for at least two years Reserve District Treasury depicting; and,
(c) actively participate in the District Treasury Reserve in trade, agriculture, medical arts, education, industry, services or labor or consumer affairs; and
(d) will not be at the time of their selection, or at any time during that period of service, being or having been an officer, director, employee or direct shareholder of any bank; and
(e) not have had positions elected or appointed by the State; and
(f) shall not be an officer of the Court, a Member of the American Bar Association, and a practicing lawyer; and
(g) maintain an office within the Treasury Reserve District they represent; and
(h) shall receive an equivalent to the salary of a member of the United States House of Representatives salary; and,
(i) comply, for good behavior, a minimum term of four years, being replaceable to suit the President of the United States with the advice and consent of the Senate, except that, after the initial selection of thirteen officers, no more more four of the twelve Governors can be replaced at any period of four years or in any presidential term.
(4) a Lieutenant Governor for each of the twelve District Offices of the Reserve Treasury in the same manner and under the same guidelines as the Governors, except that after the initial selection is more than four new selections allow be selected for that office at any one presidential term when the purpose of each additional selection is to fill a post left vacant.Each lieutenant governor
(a) receive an equivalent salary in the amount of 85 percent of the salary of a member of the United States House of Representatives; and
(b) assume the powers, responsibilities, duties and salary of the Governor’s Office District Reserve Treasury in case of resignation or during any period of incapacity of the Governor of the District or in the event that the holder of that office is convicted of a crime.
(5) All officers of the Board of Governors Reserve System Treasury will receive their Delegations of Authority in writing and will be sworn in office by the Secretary of the Treasury.
(6) All officers of the Board of Governors Reserve System Treasury are responsible for administering the affairs of the monetary system of the nation for the sole purpose of maintaining long – term credit notes Treasury exchange value stable from United States.
(a) All actions taken by the Board shall require an affirmative vote recorded as part of the public record in the District of Columbia Office of the Director of the Board of Governors, nine of the thirteen officers.
(b) Officers need not be physically present to cast their vote.
(D) an account Treasury Reserve to be administered at the sole discretion of the Board of Governors of the Treasury Reserve System is established.
(E) the Federal Open Market Committee of the Federal Reserve System exists, its powers and responsibilities are transferred to the Board of Governors Reserve System Treasury is deleted.
(F) All right, title, property, interest and all claims of the Board of Governors of the Federal Reserve, of all banks in the Federal Reserve, of all member banks of all agents of the Federal Reserve and of all individuals, on and over the Federal reserve System is transferred and confer upon the Government of the United States to be maintained and managed by the US Treasury under the Treasury reservation system.Section
6. Reform of Federal Reserve banks.
(A) The word “Federal” within the titles of the twelve Federal Reserve Banks existing becomes “Treasury of the United States” when “Bank of the Federal Reserve Bank of New York” becomes “Reserve Treasury U.S”.
(B) A written request of the Board of Governors Reserve System Treasury, the Secretary of Finance to authorize the production of credit notes Treasury of the United States to the Reserve Account of the Treasury in sufficient quantity is ordered to complete exchanges or replacements specified by this law. At the request of the Board of Governors or at the discretion of the Secretary of the Treasury, credit notes Treasury may occur in any desired denomination greater than $ 100.00, provided that their use is restricted to the Reserve Banks Treasury, the Reserve Account Treasury and the General Account of the Treasury of the United States.
(C) All securities, promissory notes, bonds or other evidences of indebtedness, whatever the source, type or issue, held by the twelve Reserve Banks Treasury of the United States handed to the Office of the Director Board of Governors of the Reserve System Treasury and exchanged for credit notes Treasury of the United States Treasury Reserve Account equivalent to a nominal value of one by one. These credit notes can be used for ordinary operating expenses of the Treasury Reserve Banks.
(D) All evidences of indebtedness and obligations of the United States than credit notes Treasury of the United States, regardless of the type or issue, received at the Office of the Director of the Board of Governors reserve Treasury handed to the Secretary of the Treasury to be canceled out of existence. (E) All reserve banks Treasury US Treasury declared as agents. Treasury Secretary will distribute the standard gold coin and silver US among the twelve Reserve Banks Treasury when available to the Treasury. Any individual credit notes can exchange cash for gold and silver standard in any Reserve Bank Treasury with the current exchange rate On an as available.
(F) The Reserve Banks Treasury of the United States will continue their normal operations under the Office of the Comptroller of the Currency, except that are prohibited from purchasing or possessing self – employment obligations that generate income from the United States or other nations. This law does not change their current functions of clearing house.
(G) is directed to the Office of the Comptroller of the Currency to review or create, subject to the provisions of this Act and the approval of Congress, policies, procedures and regulations necessary to promote normal functioning of the Reserve Treasury U.S.Banks. The fees charged by the functions of the clearing house and other banking services like this in all Trasury Reserve Banks shall be uniform and approved by the Comptroller of the Currency. The Reserve Banks Treasury will not issue checks or accounts held dispersions containing no funds.
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