[Congressional Record (Bound Edition), Volume 157 (2011), Part 13]
[House]
[Page 18228]
[From the U.S. Government Publishing Office, www.gpo.gov]




             THE NATIONAL EMERGENCY EMPLOYMENT DEFENSE ACT

  (Mr. KUCINICH asked and was given permission to address the House for 
1 minute.)
  Mr. KUCINICH. While Congress is in a deadlock over tax and spending 
cuts, we learn the Feds secretly gave Wall Street banks over $7.7 
trillion. Where did the Fed get that 7.7 trillion? They created most of 
it from nothing. While our government slid into massive debt, the Fed 
picked winners and losers and secretly helped big banks tally record 
profits.
  Remember the great debate we had here over $700 billion in TARP 
funds? There was no debate over the $7.7 trillion the Fed gave the 
banks. Did Congress have a clue? There's another game going on way over 
our heads, and our constituents are struggling while the banks, with 
the help of the Fed, have captured control of our government. Now the 
rating services are threatening us that if we don't come up with a 
deal, they'll downgrade U.S. debt.
  Could the threat to our national sovereignty be any clearer? It's 
time for Congress to listen to the wisdom of our Founders and reclaim 
its constitutional primacy over monetary policy. There is a way. It is 
called the NEED Act. The Fed takes our freedom and gives it to the 
banks. Let's take our freedom back from the Fed.

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