through an Appropriation Act, unless the Secretary re-
ceives from the Congress specific authorization to extend 
the term of the loans. The authorization of Congress shall 
be given by joint resolution. 
TITLE V—ADDITIONAL 
PROVISIONS 
SEC. 501. DIRECT FUNDING OF INFRASTRUCTURE IM-
PROVEMENTS. 
(a) REPORT REQUIRED ON OPPORTUNITIES FOR DI-
RECT FUNDING.—Before the effective date, the Secretary, 
after consultation with the heads of Executive branch de-
partments, agencies and independent establishments, shall 
report to the Congress on opportunities to utilize direct 
funding by the United States Government to modernize, 
improve, and upgrade the physical economy of the United 
States in such areas as transportation, agriculture, water 
usage and availability, sewage systems, medical care, edu-
cation, and other infrastructure systems, to promote the 
general welfare, and to stabilize the Social Security retire-
ment system. 
(b) BROAD EQUITABLE DISPERSION OF FUNDING.— 
Generally, any program recommended for direct funding 
shall be undertaken throughout the Nation based on per 
capita amounts and other criteria to assure equity as de-
termined by the Monetary Authority. 
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SEC. 502. INTEREST RATE CEILINGS. 
(a) LIMIT ON AMOUNT OF FINANCING FEES.—The 
total amount of interest charged by a financial institution 
on any extension of loans (other than a mortgage) to any 
individual borrower through amortization, including all 
fees and service charges, shall not exceed the total amount 
of the loan extended. 
(b) LIMIT ON RATE.—The annual percentage rate 
applicable to any loan of money may not exceed 8 percent 
on unpaid balances, inclusive of all charges. 
SEC. 503. AUTHORITY OF FDIC. 
Except as provided in section 402 and the amend-
ment made by section 3(b), no provision of this Act shall 
be construed as altering or affecting any authority or func-
tion of the Federal Deposit Insurance Corporation. No 
later than 12 months after the date of the enactment of 
this Act, the Chairperson of the Board of Directors of the 
Federal Deposit Insurance Corporation shall study and 
make recommendations to the Congress regarding any 
changes in authorities, including expanded supervision and 
monitoring, required to enhance the oversight and regu-
latory roles of the Federal Deposit Insurance Corporation 
under this Act. 
SEC. 504. MONETARY GRANTS TO STATES. 
(a) IN GENERAL.—Each year, the Monetary Author-
ity shall instruct the Secretary to disperse grants over a 
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12-month period to the States equal to 25 percent of the 
money created under this title in the prior year. In the 
first year the amount of such grants shall be 25 percent 
of the anticipated money creation in that first year. 
(b) USE
OF GRANTS
FOR BROAD-BASED PUR-
POSES.—The States may use such funds in broadly des-
ignated areas of public infrastructure, education, health 
care and rehabilitation, pensions, and paying for unfunded 
Federal mandates. 
SEC. 505. EDUCATION FUNDING PROGRAM. 
Before the end of the 120-day period beginning on 
the date of the enactment of this Act, the Secretary, in 
cooperation with the Secretary of Education, shall provide 
recommendations to the Congress for a program to help 
fund our educational system that will put the United 
States on par with other highly developed nations, and to 
sufficiently provide for universal pre-kindergarten, fully 
funded State programs for elementary and secondary edu-
cation and universal college at every 2- and 4-year public 
institution of higher learning and create a learning envi-
ronment so that every child has an opportunity to reach 
their full educational potential. 
SEC. 506. SOCIAL SECURITY TRUST FUNDS. 
The Secretary in consultation with the Board of 
Trustees of the Federal Old-Age and Survivors Insurance 
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and Federal Disability Insurance Trust Funds shall sub-
mit to the Monetary Authority any requests to cover im-
pending deficits in Social Security Trust Fund accounts. 
SEC. 507. INITIAL MONETARY DIVIDEND TO CITIZENS. 
(a) IN GENERAL.—Before the effective date, the Sec-
retary, in cooperation with the Monetary Authority, shall 
make recommendations to the Congress for payment of 
a Citizens Dividend as a tax-free grant to all United 
States citizens residing in the United States in order to 
provide liquidity to the banking system at the commence-
ment of this Act, before governmental infrastructure ex-
penditures have had a chance to work into circulation. 
(b) STUDY OF EFFECTS OF CITIZENS DIVIDEND.— 
The Secretary shall maintain a thorough study of the ef-
fects of the Citizens Dividend observing its effects on pro-
duction and consumption, prices, morale, and other eco-
nomic and fiscal factors. 
SEC. 508. UNIVERSAL HEALTH CARE FUNDING. 
The Congress shall be aware that funding through 
this Act is available for a universal health care plan as 
may be enacted by Congress. 
SEC. 509. RESOLVING THE MORTGAGE CRISIS. 
The Congress shall be aware that funding through 
this Act is available for Congressional enactments for re-
solving aspects of the mortgage crisis. 
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SEC. 510. INTEREST FREE LENDING TO LOCAL GOVERN-
MENTAL BODIES. 
Before the end of the 180-day period beginning on 
the date of the enactment of this Act, the Secretary shall 
provide recommendations to the Congress for a program 
of interest-free lending of United States Money to State 
and local governmental entities, including school boards 
and emergency fire services for infrastructure improve-
ments under their control and within their jurisdictions, 
based on per capita amounts and other criteria to assure 
equity as determined by the Monetary Authority. 
Æ 
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