gency ▁requires ▁the ▁President ▁to ▁issue ▁a ▁cert ification ▁of ▁emer gency ▁for ▁the ▁exercise ▁of ▁authority ▁by ▁the ▁Mon et ary ▁Author ity ▁as ▁l ender ▁of ▁last ▁resort ; ▁and ▁( 4 ) ▁a ▁revol ving ▁loan ▁fund ▁in ▁the ▁Tre as ury ▁for ▁re - l ending ▁to ▁bank ing ▁institutions . ▁S ets ▁forth ▁a ▁conversion ▁process ▁to ▁replace ▁fraction al ▁reserve ▁bank ing ▁with ▁the ▁l ending ▁of ▁" Un ited ▁States ▁M oney ;" ▁S ets ▁a ▁ce iling ▁on ▁interest ▁rates . ▁ ▁Un emp loyment ▁Additionally , ▁the ▁Act ▁would ▁ear mark ▁funds ▁for ▁federal ▁out l ays ▁in ▁order ▁to ▁" create ▁ 5 0 ▁million ▁jobs " ▁nation wide , ▁in ▁projects ▁such ▁as ▁" f eder al ▁& ▁state ▁infrastr ucture ▁invest ment , ▁education , ▁health ▁care ," ▁etc . ▁ ▁Support ▁The ▁bill ' s ▁introduction ▁was ▁" enth us iast ically " ▁supported ▁by ▁the ▁American ▁Mon et ary ▁Institute ▁and ▁other ▁oppon ents ▁of ▁fraction al ▁reserve ▁bank ing , ▁as ▁well ▁as ▁by ▁oppon ents ▁of ▁the ▁Federal ▁System , ▁in ▁general , ▁such ▁as ▁the ▁Pos itive ▁M oney ▁organisation . ▁ ▁K uc in ich ▁stated ▁that ▁the ▁bill ▁would ▁remove ▁the ▁power ▁of ▁creating ▁money ▁from ▁the ▁" priv ately ▁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 ▁"