Read the Original Text of Obama's Bank

Obama's bank was originally introduced into the U.S. Senate by the President's pal Senator Chris Dodd (D - Connecticut). The original text is in Senate Bill 1926. President Obama adopted this bill during his primary campaign when, for example, he gave a speech in Ohio on February 24th, 2008, which contained the following text:

We can also invest in American jobs by investing in America, and rebuilding our roads and bridges. I've proposed a National Infrastructure Reinvestment Bank that will invest $60 billion over ten years. This will multiply into almost half a trillion dollars of additional infrastructure spending and generate nearly two million new jobs - many of them in the construction industry that's been hard hit by the housing crisis we're facing.

The abstracted version is:

An independent agency of the Federal government administratively similar to the Federal Deposit Insurance Corporation (FDIC). The "Bank" would have some strange banking powers: the ability to conduct hearings, issue subpoenas, obtain information from any other federal agency simply by asking (other agencies are required to comply), accept for funding any infrastructure project with a Federal price tag of $75 million or more (the list of possibilities goes on for two pages), unilateral authority to determine the appropriate Federal share of spending for every project accepted, to act as a centralized entity to provide financing for qualified infrastructure projects; to issue general purpose infrastructure bonds, and to provide direct subsidies to qualified infrastructure projects from amounts made available from the issuance of such bonds; to issue project-based infrastructure bonds for the financing of specific qualified infrastructure projects; to provide loan guarantees to State or local governments issuing debt to finance qualified infrastructure projects, under rules prescribed by the Board, in a manner similar to that described in chapter 6 of title 23, United States Code; to issue loans, at varying interest rates, including very low interest rates, to qualified project sponsors for qualified projects; to leverage resources and stimulate public and private investment in infrastructure; and to encourage States to create additional opportunities for the financing of infrastructure projects.

What you didn't read here is important: No votes by your elected U.S. Representatives, no votes by your elected U.S. Senators, No reconciliation of House and Senate draft legislation, no opportunity for the President of the United States to sign or veto the legislation. In short this Bank violates the U.S. Consitution by drawing money from the U.S. Treasury without an appropriation made by law.

Join me in doing every thing possible to STOP President Obama's Bank.