SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘National Emergency 
Employment Defense Act of 2010’’. 
SEC. 2. FINDINGS; PURPOSES. 
(a) FINDINGS.—The Congress finds as follows: 
(1) Nearly 15,000,000 Americans are currently 
unemployed, another 12,000,000 estimated Ameri-
cans are underemployed, wages are stagnant and 
millions of Americans are being asked to take pay 
cuts. 
(2) Over 43,000,000 Americans live below the 
poverty line, 49,000,000 of Americans go to bed 
hungry at night, and an estimated 3,000,000 Ameri-
cans are homeless. 
(3) An all-time high of over 1,500,000 non- 
business bankruptcies were filed through June, 
2010, and the small business failure rate in America 
recently hit 12 percent. 
(4) More than 2,000,000 homes have been lost 
to foreclosure and millions of homeowners are falling 
behind in their mortgage payments; the housing 
market in terms of construction and sales has un-
dergone an historic decline; and the declining value 
of housing means Americans’ largest single invest-
ment, the home, is no longer a safe harbor for sav-
VerDate Mar 15 2010 
02:23 Dec 20, 2010
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6550.IH
H6550
pwalker on DSKD5P82C1PROD with BILLS
ings, nest eggs, social mobility or the transfer of 
generational wealth. 
(5) Notwithstanding recent passage of the Pa-
tient Protection and Affordable Care Act, a 
privatized health care system has made quality 
health care beyond the reach of most Americans. 
(6) The cost of higher education has put higher 
academic attainment outside the reach of millions 
more young Americans, and the current generation 
of young Americans will not be able to attain the 
quality of life of their parents, reversing a long- 
standing trend. 
(7) Retired Americans are losing confidence 
that employment levels will be sufficient to ensure 
Social Security will have resources to guarantee 100 
percent of the promised benefits. A mechanism is 
needed to assure retired American’s of Social Secu-
rity’s viability. 
(8) The American Institute of Architects has 
estimated that there are $3 trillion in unmet infra-
structure needs. Cities and States, urban and rural 
areas all have an urgent need to rebuild and repair 
roads, bridges, railroads, water systems, sewer sys-
tems and other infrastructure but lack the necessary 
funds, bond-issuing capacity and other needs which 
VerDate Mar 15 2010 
02:23 Dec 20, 2010
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6550.IH
H6550
pwalker on DSKD5P82C1PROD with BILLS
has led to America’s infrastructure falling into dis-
repair. 
(9) The United States is not financially capable 
of capitalizing on the burgeoning demand for wind, 
solar and other renewable energy technologies which 
reduce the cost of energy and help protect the envi-
ronment, the continued use of non-renewable ener-
gies such as coal and oil create a national security 
crisis as well as long-term economic vulnerability. 
(10) The annual United States trade deficit is 
$380 billion, and the flow of jobs out of America has 
been accelerated by trade agreements which have not 
protected the rights of workers, the environment or 
human rights. 
(11) Tax cuts to top brackets cost the Federal 
Government in excess of $1 trillion, yet have failed 
to create significant numbers of new jobs. 
(12) The monetary policies of the Board of 
Governors of the Federal Reserve System have com-
pounded the economic crisis by failing to take deci-
sive action to move the economy forward, Wall 
Street—which was bailed out by the American peo-
ple—is not investing its rising assets in Main Street 
America, and individual investors are beginning to 
turn away from the stock market. 
VerDate Mar 15 2010 
02:23 Dec 20, 2010
Jkt 099200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6550.IH
H6550
pwalker on DSKD5P82C1PROD with BILLS
(13) Some banks, many of which received gov-
ernment bailouts, are not investing in small busi-
nesses, nor in the creation of jobs, the private sector 
is not creating jobs, and in fact most businesses are 
freezing their employment levels. 
(14) The country is stymied by competing 
forces: a desire to put people to work and an aver-
sion to borrowing money to create programs to do 
so. 
(15) Confidence in the United States’ economic 
leadership at home and around the world is waning, 
the value of our currency cannot be securely main-
tained, and no other path to economic recovery ex-
ists which will create the changes necessary to put 
people back to work, invest in rebuilding America’s 
infrastructure, i.e. highway, rail, airport, harbors, 
light rail, communication, shipping, water, sewer, 
education, and civil defense. 
(16) The aforementioned conditions require 
comprehensive action by the United States Congress 
to create full employment, invest in America and se-
cure our Nation’s long-term economic, social and po-
litical future; and that such action is within our 
Constitutional right and responsibility. 
VerDate Mar 15 2010 
02:23 Dec 20, 2010
Jkt 099200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H6550.IH
H6550
pwalker on DSKD5P82C1PROD with BILLS
(17) The authority to create money is a sov-
ereign power vested in the Congress under Article I, 
Section 8 of the Constitution. 
(18) The enactment of the Federal Reserve Act 
in 1913 by Congress effectively delegated the sov-
ereign power to create money, to the Federal Re-
serve system and private financial industry. 
(19) This ceding of Constitutional power has 
contributed materially to a multitude of monetary 
and financial afflictions, including— 
(A) growing and unreasonable concentra-
tion of wealth; 
(B) unbridled expansion of national debt, 
both public and private; 
(C) excessive reliance on taxation of citi-
zens for raising public revenues; 
(D) inflation of the currency; 
(E) drastic increases in the cost of public 
infrastructure investments; 
(F) record levels of unemployment and 
underemployment; and 
(G) persistent erosion of the ability of Con-
gress to exercise its Constitutional responsibil-
ities to provide resources for the general welfare 
of all the American people. 
VerDate Mar 15 2010 
02:23 Dec 20, 2010
Jkt 099200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H6550.IH
H6550
pwalker on DSKD5P82C1PROD with BILLS