GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2017

H                                                                                                                                                    1

HOUSE JOINT RESOLUTION 391

Sponsors:	Representative Willingham. For a complete list of sponsors, refer to the North Carolina General Assembly web site.
Referred to:	Rules, Calendar, and Operations of the House

March 20, 2017

A JOINT RESOLUTION Urging CONGRESS TO ENACT WITHOUT DELAY AN "AMERICAN ECONOMIC RECOVERY PROGRAM" WITH SUGGESTED PARAMETERS AND SPECIFICS IN ORDER TO PROVIDE MECHANISMS TO RESTORE THE ECONOMIC HEALTH AND WELL‑BEING OF AMERICA AND ITS CITIZENS.

Whereas, the financial system in the United States is now holding over $275 trillion of derivatives contracts on the books of the federally insured banks, according to the Comptroller of the Currency, the same financial paper that blew up in 2008, and these derivatives now threaten a new financial disintegration like that of 2008. The "Too Big To Fail Banks" are constantly hit by crises – the expose of Wells Fargo's shocking improprieties, JP Morgan Chase, Goldman Sachs, and others being found guilty of felonies against their customers, and Citigroup, Bank of America, and others being fined for continuing legal malfeasance; and

Whereas, the financial crisis is being driven by a collapse of this country's industry and infrastructure. The United States GDP has been "growing" at 1 to 2% over the past years, and only 11% since 2008. Productivity has been falling continuously and is now "expanding" at .5% per year, rates not seen in decades. Capacity utilization has been stagnant, while over 1,500 corporations and banks continue to buy back their own stock, 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, Franklin D. Roosevelt, Dwight Eisenhower, and John F. Kennedy; this program of federal credit to industry, states, and cities built our nation; Now, therefore,

Be it resolved by the House of Representatives, the Senate concurring:

SECTION 1.  The General Assembly urges the Congress of the United States to enact without delay the following "American Economic Recovery Program," according to the following proposals:

(1)        Restore the provisions of the Glass‑Steagall Act, and pass HR 381 in the United States House of Representatives and S 1709 in the United States Senate, which aim to immediately restore the separation of investment and commercial banking. Glass‑Steagall was the law of the land for 66 years and prevented banking crises like the one experienced in 2008. Glass‑Steagall was added to the platforms of both political parties this summer.

(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 early 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. Rep. Robert Doughton chaired the Ways and Means Committee and played a crucial role in infrastructure development. The Tennessee Valley Authority included parts of North Carolina and should be a model for a much larger Carolina states flood control program. Congress can and should enact a new National Infrastructure Bank, with at least $1‑3 trillion federally backed, nontaxpayer money, and erect a new infrastructure platform in coordination with the states.

(3)        Use the federal credit system to build a modern network of high‑speed rail, power generating systems, water projects, and urban and rural infrastructure. On the East Coast, the building of a modern high‑speed rail system (200mph) should be a priority. Funding must also be made available for coastal seawall systems to end the threat of excessive hurricane and other water damage. Additionally, a series of inland flood control projects, like the Tennessee Valley Authority, should be built in the Carolinas to permanently end the threat of flooding.

(4)        Launch a John F. Kennedy‑style initiative to rebuild our space program to explore the solar system and inspire future generations. America, through its President and the Congress, also must launch a crash program to develop fusion power to finally solve the energy needs of the nation and the planet.

SECTION 2.  The Secretary of State shall transmit copies of this application to the President of the United States, Secretary of the United States Senate, the Speaker and Clerk of the United States House of Representatives, and the members of North Carolina's congressional delegation.

SECTION 3.  This resolution is effective upon ratification.