HOUSE CONCURRENT RESOLUTION NO. 48

(By Delegates McGeehan, Folk, J. Nelson, J. and Ihle)

Requesting the Congress of the United States to repeal the Federal Reserve Act, abolish the Federal Reserve System and abolish the Board of Governors of the Federal Reserve System.

            Whereas, Article 1, Section 8, Clause 5 of the United States Constitution grants to Congress the exclusive authority to coin money and regulate the value of the currency; and

            Whereas, The Constitution does not give Congress the authority to delegate control over monetary policy to a central bank; and

            Whereas, The Federal Reserve System erodes the American standard of living, harms the average American, and manipulates the credit of the United States through inflationary monetary policy; therefore, be it

            Resolved by the Legislature of West Virginia:

            That the State of West Virginia hereby respectfully urges the Congress of the United States to repeal the Federal Reserve Act, abolish the Federal Reserve System and abolish the Board of Governors of the Federal Reserve System; and, be it

            Further Resolved, That the State of West Virginia forward official copies of the resolution to the President of the United States, to the President of the Senate and Speaker of the House of Representatives of the United States Congress with the request that this resolution be officially entered into the Congressional Record as a memorial to the Congress of the United States of America.