in the Treasury for re-lending to banking institutions. Sets forth a conversion process to replace fractional reserve banking with the lending of "United States Money;" Sets a ceiling on interest rates. Unemployment Additionally, the Act would earmark funds for federal outlays in order to "create 50 million jobs" nationwide, in projects such as "federal & state infrastructure investment, education, health care," etc. Support The bill's introduction was "enthusiastically" supported by the American Monetary Institute, whose director, Stephen Zarlenga, helped draft early versions of the bill. and other opponents of fractional reserve banking, as well as by opponents of the Federal System, in general, such as the Positive Money organisation. Kucinich stated that the bill would remove the power of creating money from the "privately owned and controlled" Federal Reserve System and would restore the authority of the U.S. Congress to "create money interest-free." He added that the bill would "address" America's "structural economic problems directly by creating over 7 million jobs" at a time when "the nation struggles with long-term unemployment at rates not seen in generations, and as infrastructure crumbles across the nation." According to supporters and people who endorsed Kucinich's candidacy for Congress, the bill "would create millions of private sector jobs and rebuild America's infrastructure while paying off the national debt, all without raising taxes," while many supporters of the Occupy movement voiced similar sentiments. The Green Party in New York, in its official platform, has endorsed the NEED Act, while other Green Party organizations have endorsed the notions advocated in the bill, in a platform called "Greening the Dollar." Criticism The argument for "United States Money," as opposed to Fed-issued money, is not new. As far back as 1943, Abba Lerner had dismissed such arguments, pointing out that the central bank can, at any time, start "printing money" to match government deficit-spending "sufficient to achieve and sustain full employment." Post Keynesian economists, such as L. Randall Wray, have argued repeatedly on the "foolishness" of notions such as promoted by the NEED Act, pointing out that if money does not represent debt, in the form of a tax credit, then it is useless. Economist and investor Warren Mosler has pointed out that the NEED Act is an "innocent fraud," because it undertakes to end a system that has ceased to exist a long time ago. Outcome The bill has not yet been introduced to the floor. There