You gotta love the representative Ron Paul. Who else but the Texas Libertarian-turned-Republican-turned-Tea Party favorite would introduce legislation with an admonishment to Congress to stop treating the American public like babies?
H.R. 1095 may be called the Freedom to Bank Act. But its official title as introduced, is this: “To sunset federal laws and regulations which treat the American people like children by denying them the opportunity to make their own decision regarding control of their bank accounts and what type of information they wish to receive from their banks, and for other purposes.”
You go, Rep. Paul.
Why should taxpaying, hard-working Americans be charged penalty fees for withdrawing their own money? The banks can’t be that cash-strapped; they’ve received billions in government bailouts, after all. To Paul, the concern is one of constitutional authority. In March 15 remarks on the House floor, he introduced his bill as a means of repealing “a federal regulation that limits the number of withdrawals someone can make from a savings account in a month’s time without being assessed financial penalties. As hard as it is to believe, the federal government actually forces banks to punish people for accessing their own savings too many times a month.”
The feds are overstepping their constitutional authorities, he asserts.
At the same time Paul introduced this bill, he also brought forth two others – H.R. 1094, the Federal Reserve Board Abolition Act, and H.R. 1098, the Free Competition in Currency Act. The first, he said in remarks to his House colleagues, would go far toward easing the tax burden and unfair assessment policy on working-class Americans.
“I rise to introduce legislation to restore financial stability to America’s economy by abolishing the Federal Reserve,” Paul said. “Since the creation of the Federal Reserve, middle- and working-class Americans have been victimized by a boom-and-bust monetary policy … [and] most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve’s inflationary policies.”
(Can anyone say food prices?)
And the second, the Free Competition in Currency Act, would basically do away with America’s current system of using tender rather than gold and silver to pay debts – a lose-lose situation, he said, that devalues the nation’s money and brings on economic chaos.
So what are the chances for any of these bills’ passage? That’s easy – zero to none. Or, to put another way: It’s on the to-do list for Congress, right after passing the budget and addressing the deficit.