Federal Reserve

Repeal the Federal Reserve Act of 1913.

Dissolve the Federal Reserve System and transfer its functions, assets, and liabilities to the Department of the Treasury.

Establishment of the National Monetary Authority (NMA):

Create the National Monetary Authority within the Department of the Treasury, directly accountable to Congress.

The NMA will be responsible for managing the money supply, regulating interest rates, and ensuring economic stability.

Congressional Control and Oversight:

Reassert Congressional control over monetary policy, as mandated by the Constitution.

Require Congressional approval for major monetary policy decisions, including changes to interest rates and quantitative easing measures.

Citizen Oversight Mechanism:

Establish a Citizens' Monetary Oversight Board (CMOB) comprising representatives from various sectors, including labor, business, academia, and civil society.

The CMOB will have the authority to audit the NMA, review monetary policy decisions, and hold public hearings to ensure transparency and accountability.

Transparency and Public Reporting:

Mandate regular public reporting on monetary policy actions, financial stability, and economic forecasts.

Require the NMA to publish detailed minutes of all meetings and decisions, making them accessible to the public.

Independent Audits:

Conduct regular independent audits of the NMA by the Government Accountability Office (GAO) to ensure adherence to its mandate and proper management of public resources.

Economic Safeguards:

Implement safeguards to prevent political interference in monetary policy, ensuring that decisions are based on sound economic principles.

Establish clear, transparent criteria for monetary policy actions to prevent arbitrary decision-making.