[BretLudwig]

Kucinich Is Not An Idiot

"Rep. Dennis Kucinich is not an idiot.... well€¦ not compared to the
rest of Congress€¦ which may be damning with faint praise, but hes
just introduced a piece of legislation that is worthy of consideration:

HR 7260 Transparency in the Creation of Wealth Act of 2008 (Introduced in
House)

By forcing the Fed to publish key data regarding distribution of net
assets€”as opposed to distribution of income€”Kucinichs bill attacks
the primary con game played in political economy:

Taxing producers to pay for protection of owners in the name of €œtaxing
the rich€�.

Its the kind of thing that routinely gets people assassinated if they
get too close to accomplishing it.

Transparency in the Creation of Wealth Act of 2008 (Introduced in House)

HR 7260 IH
110th CONGRESS

2d Session

H. R. 7260

To increase the quality and public accessibility of research by the Board
of Governors of the Federal Reserve System on the effects of monetary
policy on the distribution of wealth in the United States, and the
proportion of newly created monetary resources directed into various
sectors of the economy, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

October 3, 2008

Mr. KUCINICH introduced the following bill; which was referred to the
Committee on Financial Services

A BILL

To increase the quality and public accessibility of research by the Board
of Governors of the Federal Reserve System on the effects of monetary
policy on the distribution of wealth in the United States, and the
proportion of newly created monetary resources directed into various
sectors of the economy, and for other purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,


SECTION 1. SHORT TITLE.

This Act may be cited as the `Transparency in the Creation of Wealth
Act of 2008.

SEC. 2. ESTIMATE OF THE OVERALL MONEY SUPPLY.

The Board of Governors of the Federal Reserve System shall devise,
calculate and publish a replacement for the discontinued M3 monetary
statistic, in order to provide a transparent estimate of the nations
total money supply.


SEC. 3. STATISTICAL ESTIMATE OF THE DISTRIBUTION OF WEALTH IN THE UNITED
STATES.

The Board of Governors of the Federal Reserve System shall tabulate
and publish a statistical description of the current distribution of
wealth in the United States by quintile, including a further examination
of the uppermost 1% sections by 0.1% each.


SEC. 4. CREDIT INSTITUTION SEIGNIORAGE CALCULATION FOR REPORT TO
CONGRESS.

The Board of Governors of the Federal Reserve System shall calculate
and report to the Congress the total annual seigniorage interest income
received by financial institutions as a result of their being allowed to
create money in the form of the credit they extend above their own cash
deposits or reserves prior to extending the loans.


SEC. 5. CALCULATIONS FOR THE SEMI-ANNUAL HUMPHREY-HAWKINS TESTIMONY.

The Board of Governors of the Federal Reserve System shall calculate
and publish semi-annually the loss or gain in economic output due to the
deviation of the previous years actual unemployment rate from the 4%
level required by the Humphrey Hawkins Full Employment and Balanced Growth
Act of 1978 (15 U.S.C. 3101 et seq.), including such loss or gain, in
income by quintile.


SEC. 6. ACCESSIBLE STATISTICAL COMPARISONS OF WHERE CREDIT IS BEING
DIRECTED .

(a) In General- The Board of Governors of the Federal Reserve System
shall tabulate and publish data showing the amount of credit and the
percentage of credit now being created and directed into each of the
following:


(1) Public infrastructure.


(2) Primary residences.


(3) Secondary residences.

(4) Stocks, bonds, commodities.


(5) Foreign currency and derivatives trading.


(6) Mergers and acquisitions.


(7) Education.


(8) Manufacturing infrastructure.


(9) Military expenditures.

(b) Additional Analysis- Each category referred to in a paragraph in
subsection (a) shall be further analyzed by type, gender, race, wealth
status, and location, if applicable.


SEC. 7. LAND VALUE CALCULATION FOR THE FLOW OF FUNDS REPORT.

The Board of Governors of the Federal Reserve System shall develop a
market-based estimate of the value of residential, corporate and publicly
owned land and report figures.


SEC. 8. FOREIGN DEBT CALCULATION.

The Board of Governors of the Federal Reserve System shall make
projections, in 10 year increments, of the net foreign debt, and estimate
and report on the location of Federal reserve notes, by country and type
of holder; including an estimate of lost notes.


SEC. 9. GAO AUDIT REQUIREMENT.

Notwithstanding the requirements, limitations, and exceptions
contained in section 714 of title 31, United States Code, the Comptroller
General shall conduct a full audit of the Federal reserve system in every
year before a Presidential election year.

SEC. 10. IMPROVEMENTS TO THE SURVEY OF CONSUMER FINANCES.

The Board of Governors of the Federal Reserve System shall undertake
the Survey of Consumer Finances every year.


SEC. 11. SUMMARIES OF TOTAL CREDIT MARKET DEBT AND ECONOMIC GROWTH.

The Board of Governors of the Federal Reserve System shall publish a
summary of total credit market debt, quarterly and annually.


SEC. 12. PUBLIC NOTIFICATION REQUIREMENT.

The Board of Governors of the Federal Reserve System shall
release--


(1) the statistics required to be compiled by this Act at a
quarterly news conference; and

(2) the survey of consumer finances and the total credit
market debt report at an annual news conference."

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