Road Map to Sound Money: A Legislative Hearing on H.R. 1098 and Restoring the Dollar 9.13.2011

United States House Financial Services Subcommittee on Domestic Monetary Policy and Technology
Chairman – Ron Paul, Texas (Present at hearing)
Vice-Chairman - Walter Jones, North Carolina (Present at hearing)
Frank Lucas, Oklahoma
Patrick T. McHenry, North Carolina
Blaine Leutkemeyer, Missouri
Bill Huizenga, Michigan
Nan Hayworth, New York
David Schweikert, Arizona

Ranking Member - William Clay, Jr., Missouri
Carolyn Maloney, New York
Gregory Meeks, New York
Al Green, Texas
Emanuel Cleaver, Missouri
Gary Peters, Michigan

Witnesses:

Dr. Lawrence Parks - Executive Director and Founder of the Foundation for the Advancement of Monetary Education.

Dr. Lawrence White - Professor of Economics (Theory and History of Banking and Money) at George Mason University. Full text of statement.

H.R. 1098 Free Competition in Currency Act of 2011
The aim of House Resolution 1098 is the repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage. Sponsor - Representative Ron Paul of the 14th District of Texas. H.R. 1098 full text and status from the Library of Congress.


Glass-Steagall Act – Passed by Congress in 1932, gave the power of creating currency to the Federal Reserve System.

Glass-Steagall Act of 1933 - Also known as The Banking Act of 1933 established the Federal Deposit Insurance Corporation and introduced some banking reforms, some of which were designed to control banking speculation. Repealed in 1999, possible reenactment in future.

Fractional-Reserve Banking – Also known as Fractional-Reserve Lending is a banking practice whereby the bank does not retain all of the customer’s deposits within the bank. Funds received by the bank are generally lent out to other customers. Generally, a bank only holds 10% of its total deposits within the bank premises, giving the total 100% to electronic ledgers.

Dr. Parks' references on U.S. default:
Garten, Jeffrey. "We Must Get Ready For a Weak Dollar." Financial Times, November 29, 2009
Rogoff, Kenneth, "The Bullets Yet to be Fired to Stop the Crisis." Financial Times, August 8, 2011
Norris, Floyd. "Sometimes Inflation Is Not Evil." New York Times, August 11, 2011
Bank for International Settlements. Wikipedia.


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