The National Emergency Employment Defense Act, aka the NEED Act, is a monetary reform proposal submitted by Congressman Dennis Kucinich in 2011, in the United States. The bill has failed to gain any co-supporters and was not introduced to the floor of the house. Introduction Dennis Kucinich (D), representative for , introduced H.R. 2990 to the 112th Congress, on 21 September 2011. Kucinich claimed that "H.R. 2990 enables money to be issued by spending it into circulation on programs approved by Congress — without taxing or borrowing." The bill was co-sponsored by John Conyers (D), representative for . Titles The legislation's aim, according to its sponsor, was To create a full employment economy as a matter of national economic defense; to provide for public investment in capital infrastructure; to provide for reducing the cost of public investment; to retire public debt; to stabilize the Social Security retirement system; to restore the authority of Congress to create and regulate money, modernize and provide stability for the monetary system of the United States; and for other public purposes. Summary According to the Congressional Research Service, a nonpartisan division of the Library of Congress, the NEED Act, in brief, would replace "Federal Reserve notes" with "United States Money" and dismantle the Fed. In this, the Act Instructs the Secretary of the Treasury to originate "United States Money" to address any negative fund deficit spending; Subjects to criminal and civil penalties any person who engages in "fractional reserve banking;" Prohibits federal borrowing (except by a national bank, federal savings association, or federal credit union) from any source other than the Treasury; Requires the Treasury Secretary to begin the process of retiring all outstanding U.S. debt by paying the bearers in "United States Money;" Directs the Treasury Secretary to purchase all net financial assets in the Federal Reserve System, including the Federal reserve banks, and to return all reserves held by the Fed to the member banks in the form of "United States Money;" Establishes various institutions to replace the Fed System: (1) the Monetary Authority responsible for monetary supply policy; (2) the Bureau of the Federal Reserve that administers "United States Money;" (3) the Emergency Board tasked with recommending to Congress when a national emergency requires the President to issue a certification of emergency for the exercise of authority by the Monetary Authority as lender of last resort; and (4) a revolving loan fund