House Resolution 17

A RESOLUTION URGING CONGRESS TO IMMEDIATELY ENACT THE "AMERICAN ECONOMIC RECOVERY" PROGRAM.

WHEREAS, according to the Comptroller of the Currency, the financial system in the United States is now holding over $250 trillion of illiquid derivatives contracts on the books of the federally insured banks, and these derivatives now threaten a new financial disintegration like that of 2008; and

WHEREAS, the financial crisis is being driven by a collapse of our industry and infrastructure and the United States GDP has been "growing" at a rate of 1 to 2% over the past several years, and only 11% since 2008; and

WHEREAS, productivity has been falling continuously, and is now "expanding" at .5% per year, rates not seen in decades; and

WHEREAS, capacity utilization has been stagnant, while over 1500 corporations and banks continue to buy back their own stocks, driving up the markets, while the productive economy falters; and

WHEREAS, a return to a durable recovery will require adoption of national banking and credit policies, as was done by Alexander Hamilton, John Quincy Adams, Abraham Lincoln and Franklin D. Roosevelt; and

WHEREAS, this program of federal credit to industry, states and cities built our nation; and

WHEREAS, national credit can be made available for the creation of productive jobs in infrastructure, manufacturing, and high technology projects, thus creating mass employment for our now unemployed and underemployed workforce, especially young people, and this program can help to end the scourge of drug addiction:

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF MISSISSIPPI, That we do hereby urge the Congress of the United States to immediately adopt the "American Economic Recovery" program as follows:

(1) Restore the provisions of the Glass-Steagall Act, which was added to the platforms of both political parties this summer, and was law for 66 years, preventing banking crises like the one experienced in 2008. Further, Congress should pass HR 381 in the United States House of Representatives and S1709 in the United States Senate, which aim to immediately restore the separation of investment and commercial banking.

(2) Return to a national banking system, modeled on the principles of Alexander Hamilton's First Bank of the United States, which built all the infrastructure of the nation. Under President John Quincy Adams, the Second Bank of the United States oversaw the largest expansion of infrastructure until the advent of the Lincoln Administration, which used the same banking principles. The same federal credit policy was embodied in Franklin Roosevelt's Reconstruction Finance Corporation, which financed the gigantic New Deal infrastructure program. Mississippi was a major recipient of New Deal programs, which included dozens of schools and post offices, the Sardis Lock and Dam project, municipal airports in Oxford and Biloxi, the Natchez Trace Parkway and even the Jackson Zoo. Congress should immediately enact a new National Infrastructure Bank, with at least $1 trillion of credit, federally insured and not taxpayer money, and dedicate the entire amount to infrastructure and jobs.

(3) Use the federal credit system to build a modern network of high speed rail, power generating systems and water projects. High speed rail can connect Mississippi to the entire Southeast and the rest of the nation, while water projects can protect our coastline from devastating hurricanes and flooding.

(4) Launch a John F. Kennedy-style initiative to rebuild our space program to explore the solar system and inspire future generations. Further, we must go to the Moon, stay there and go beyond. The Stennis Space Center is one of the nation's top NASA facilities and should be rapidly expanded for new missions. Congress should also launch a crash program to develop fusion power to finally solve the energy needs of the nations and the planet.

BE IT FURTHER RESOLVED, That copies of this resolution be delivered to all members of the Mississippi Congressional delegation, to the President of the United States and to the members of the Capitol Press Corps.