Economic Security

Section 1: The Federal Reserve system is hereby dissolved and Congress shall establish under the Department of the Treasury a central bank operated solely by the government and vested with all powers necessary to protect the value of the national currency, properly regulate the amount of money in circulation, and insure the lasting strength of the domestic economy.

Section 2: To protect the public interest and prevent concentrations of economic influence detrimental to the security and well being of the people, no bank or other purveyor of financial instruments or insurance shall hold or control more than ten percent of public or private deposits, insure more than ten percent of the population, or operate in more than ten states. No bank or other financial institution shall also own or control any insurance entity.

Section 3: Within 180 days after ratification of this Amendment, Congress shall enact National Industrial Policy legislation to create, protect, and insure a robust, diverse, and self-sufficient domestic economy producing, within the borders of the 50 states, all goods required for the security of the nation and the comfort, prosperity, and well being of its people. The National Industrial Policy, regularly amended as time and need require, shall include such tariffs, import duties, and other regulations necessary to protect American workers and industries from unfair foreign competition.

Section 4: Insuring American citizens priority to American jobs being of the utmost importance, the importation of foreign workers under any temporary grant of work status shall be strictly limited to 20,000 persons per year, who shall be selected strictly on the basis of their extraordinary knowledge and skills, and thus compensated at a rate at least twice that paid to American citizens performing the same or similar work for any employer in the same or similar field.

Section 5: Congress shall pass no law, and no court or agency shall issue any ruling or regulation that has the effect of providing a reduction, waiver, or deferral of any tax for any enterprise or its subsidiary for producing goods in a foreign country, territory, or jurisdiction for importation into the United States, or for providing services in or from a foreign country, territory, or jurisdiction in lieu of basing those services in the United States or its territories. Nor shall revenues from foreign operations be given special tax treatment.

Section 6: No official or employee of a state or lesser jurisdiction of government shall offer or provide any subsidy or any reduction, deferment, or waiver of taxes, fees, assessments, or cost of public services as an inducement to establish, conduct or expand any business. No official or employee of a state or lesser jurisdiction shall act in concert with another to evade the intent or effect hereof. Violation of such shall be a felony punishable by maximum-security incarceration for a period not subject to pardon, suspension, commutation, parole, or other reduction, of not less than ten years. Conviction or plea of guilty shall result in the forfeiture of all pension benefits accrued while in public office or employment.

Section 7: Within one year of ratification of this Amendment, Congress shall create a federally-funded Jobs Guarantee, paying a living wage to all citizens unable to find other employment. Where state, municipal, or district administration of programs is deemed most effective, funds shall be distributed accordingly. Jobs created under this program shall encompass all endeavors which add to the safety, defense, environmental protection, economy, education, or cultural enrichment of the nation. For those who by disability or other legitimate reason are unable to work, or whose part-time employment is insufficient to provide the adequate necessities of life, Congress shall institute a Supplemental Income Guarantee.

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