PIR Update : Fed/US Treasury Accounts 6-11-2020
Patriot Intel Report
PIR 06 11 20
Yesterday’s video had technical difficulties……had to be taken down because of it.
I spoke a lot about “Fed Accounts”. (See highlights below) These accounts and a debit card would be how people can access the next stimulus funds. Big meeting today.
The White house is coming up with their own stimulus plan….they are hashing it out with the House and Senate. .President Trump says it will be bigger then we can imagine……there is a lot going on behind the scenes……
We are looking for a debt jubilee, we are looking for restructuring of the currencies…..we are looking for an asset backed currency.
The US has a lot of wealth in oil, rare earth minerals, gold and when we do switch over……we are moving away from the petro dollar and that’s just the way things are. We will go to an asset backed currency but how that is set up….it may surprise everyone….and there may not be a lot of fanfare.
When Nixon took us off the Gold Standard onto the Petro dollar standard there was not a lot of fanfare. There was an announcement….it happened in the evening, and he signed a paper….boom. A lot of people didn’t realize it, a lot of people didn’t care…..day to day life went on as usual but it changed this nation. .
Yesterdays Video Highlights
Patriot Intel Report
PIR 06 10 20
About minute 6:53 There are major things happening behind the scenes…..Remember when I mentioned 2-3 weeks ago about the potential for Treasury accounts for all the people in the US?
This would be an actual account at the US Treasury. Q has told us in the past that the Federal Reserve was not going to be abolished but absorbed into the US Treasury. We have seen evidence that they have done this.
The thought that every US Citizen would have an account and a debit card with the US Treasury seemed kind of far- fetched, but let me share something with you…..there is a link below……this is a big one.
A memorandum came out on the 8th of June…..it says the US House of Representatives Committee on financial Services will be having a hearing or meeting tomorrow on June 11th on inclusive banking during a pandemic using Fed Accounts and digital tools to improve delivery of stimulus payments. Fed Accounts….
It says it right here in this document. This link is directly from the US Government. This is an idea that has been proposed and put forward that all Citizens would have a bank account with the Federal Reserve and would have a debit card. Everyone would get this as long as you were a US citizen….and this would enable the US Treasury to inject money directly into your account
They say this is because of the pandemic and will be part of the second stimulus….. President Trump said this weekend that the next stimulus would be much bigger than everyone expected.
There is a lot of talk about a debt jubilee and debt forgiveness, and Nesara. People have speculated about this. But who ever thought about the reality of everyone having a Fed account and a Fed card?
Where will this go? You tell me but check out the link. But there are things happening behind the scenes that we don’t see.
Fed Accounts: https://financialservices.house.gov/
https://youtu.be/BANSeH3UWQU?t=7
hhrg-116-ba00-20200611-sd002(2).pdf
Memorandum (Excerpt)
June 8, 2020
To: Members, Committee on Financial Services
From: FSC Majority Staff
Subject: June 11, 2020, “Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments”
The Task Force on Financial Technology will hold a virtual hearing entitled, “Inclusive Banking During a Pandemic: Using FedAccounts and Digital Tools to Improve Delivery of Stimulus Payments,” on Thursday, June 11, 2020 at 12:00 p.m., on the virtual meeting platform Cisco Webex. This single-panel hearing will have the following witnesses:
• Mehrsa Baradaran, Professor of Law, University of California, Irvine School of Law
• The Honorable Chris Giancarlo, Senior Counsel, Willkie Farr & Gallagher and former Chairman, U.S. Commodity Futures Trading Commission
• Jodie Kelley, CEO, Electronic Transactions Association
• Morgan Ricks, Professor of Law, Vanderbilt University Law School
Overview
The novel coronavirus 2019 (“COVID-19”) pandemic has had a significant public health and economic impact in the United States. Congress has enacted several pieces of legislation to respond to the crisis, including the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act, which was signed into law on March 27, 2020, provides “recovery rebates” to individuals based on income and were distributed by the Internal Revenue Service (“IRS”) in conjunction with the Treasury Department's Bureau of the Fiscal Service.
These recovery rebates have been referred to as economic impact payments (“EIPs”), direct payments, or stimulus payments.
While many of these payments were made by direct deposit, nearly 35 million individuals have been receiving EIPs through a paper check. Further, there are still 30-35 million payments that have yet to be issued.1 This hearing will provide the Task Force the opportunity to explore low or no cost public banking options, like FedAccounts,2 to utilize technology and digital methods to deliver stimulus payments from the government more efficiently in a time of crisis, especially to underbanked and unbanked populations.
Distribution Methods and Processes for Recovery Rebates
The CARES Act recovery rebates equal $1,200 per eligible individual ($2,400 for married taxpayers filing a joint tax return) and $500 per eligible child and the amounts phase out at a rate of 5% of adjusted gross income (“AGI”) above $75,000 ($112,500 for head of household filers and $150,000 for married joint returns). Initially, if a taxpayer did not agree to receive a tax refund or other federal payment (Direct Express Debit Cards3) electronically on or after January 1, 2018, a paper check would be sent to the last known address of the individual.4
Days after issuing the first round of direct deposit payments on April 11, 2020, the IRS launched the “Get My Payment” website that permitted individuals to add direct deposit information and update mailing addresses until May 13, 2020.5 Shortly after the “Get My Payment” tool website expired, the IRS introduced an additional prepaid card, the “EIP Prepaid Card.”
The EIP Prepaid cards were issued free of charge through MetaBank and Visa to 4 million individuals who had not received economic income payments because they did not have any bank account or federal payment information on file with the IRS.6 To speed up the recovery rebate delivery for individuals without bank accounts, some fintech companies allowed individuals to create free bank accounts.
FedAccounts
As Congress debated and finalized the CARES Act, on March 23, Chairwoman Maxine Waters (D-CA) introduced the “Financial Protections and Assistance for America's Consumers, States, Businesses, and Vulnerable Populations Act,” a comprehensive package from the Committee to address numerous issues arising from the pandemic.
The bill includes a provision to provide monthly stimulus payments during the pandemic of $2,000 for most adults and $1,000 for their children, and distribute these payments to individuals by direct deposit or to a new, basic bank account backed by the Federal Reserve, called “FedAccounts.”14 The following day, Senator Sherrod Brown (D-OH) introduced the Banking for All Act that featured the same concept.15
The idea of a FedAccount builds upon Mehrsa Baradaran’s proposal of using post offices as banks.16 Morgan Ricks, John Crawford, and Lev Men and have expanded the idea of postal banking into a public option for banking services.17 Presently, only banks and certain government entities are allowed to maintain accounts at the Federal Reserve. The Ricks-Crawford-Men and proposal of “FedAccounts” provides all the functionality of an ordinary bank account, and some of the benefits of maintaining an account with the Fed, for persons residing the United States, and domestically domiciled businesses and institutions.
Some key features of this proposal are: no interchange fees; no minimum balance requirements; no account denial for individuals deemed unprofitable by a bank; real-time settlement of funds; and no default that would implicate deposit insurance for an account holder if the funds were held by a private bank since the account funds are held by the Fed.
The legislation introduced by Chairwoman Waters and Senator Brown builds upon the FedAccounts idea by using digital wallets for efficient stimulus delivery until there is a recovery with a meaningful decline in unemployment.
The proposals permit everyone eligible for a COVID-19 recovery rebate to create a free FedAccount, which would be available at member banks of the Federal Reserve System, other participating banks and credit unions, Federal Reserve Bank branches, and U.S. Postal Service branch offices in certain circumstances. The proposals have no account fees or minimum.
For full post download the pdf ……..