[Congressional Record Volume 155, Number 15 (Monday, January 26, 2009)]
[House]
[Page H496]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        TIME TO BUILD UP AMERICA

  (Mr. KUCINICH asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. KUCINICH. At a time when millions of Americans are losing jobs, 
homes, pensions, our government is prepared to give another trillion 
dollars to the banks, ready to compound the moral hazard by 
nationalizing banks, which are allegedly profit-making entities. This 
is anti-democratic.
  Instead of nationalizing banks, we should nationalize the money 
system by placing the Federal Reserve under the U.S. Treasury, end the 
fractional reserve and stop banks from lending credit into circulation. 
Then, instead of borrowing money from the banks and creating debt, 
government can spend the money into circulation to rebuild and restore 
America with money for jobs, housing, health care, and education. I 
will soon be introducing legislation to accomplish this.
  Banking is not a proper function of the government, but oversight is. 
The Treasury Department should not be outsourcing to the Fed its 
oversight responsibilities. The Fed, which failed miserably to oversee 
banks, should be put under Treasury instead.
  It's time for our government to operate in the public interest, not 
in the interest of private banks. It's time for us to stop bailing out 
banks and begin building up America.

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