Detailed Summary–Part I Banking and Monetary Reform Immediate Relief and Results Eliminates approximately $1 trillion of the nation's public debt Reduces future private debt by approximately $1 trillion Immediately eliminates some private debt, especially for many homeowners The Federal Reserve System The Federal Reserve Act of 1913 is amended The Federal Reserve System is abolished and replaced by a new Treasury Reserve System Control of the currency is moved from private control of the Fed to public control of Congress and the new Treasury Reserve System Congress sets the standards for the new monetary system but...