Kucinich has persisted in pursuing legislation to make the historic change of converting to interest-free government money spent into circulation—as the Constitution mandates—instead of being borrowed into existence from the private banking system at ruinous interest.
H.R. 2990 “would . . . reassert congressional sovereignty and regain control of monetary policy from private banks,” according to Kucinich, and the bill would “address our structural economic problems directly by creating over 7 million jobs,” when “the nation struggles with long-term unemployment at rates not seen in generations, and as infrastructure crumbles across the nation.”
Fractional-reserve lending—money lent beyond what banks have in their reserves, using a multiplier effect—would be eliminated, and the nation’s endangered infrastructure would undergo an unprecedented overhaul to account for much of the proposed job and money creation.