Take the 2-minute tour ×
Skeptics Stack Exchange is a question and answer site for scientific skepticism. It's 100% free, no registration required.

According to this site:

On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned (and thus ILLEGALLY placed in control of our currency, 100 years ago) Federal Reserve Bank would soon be out of business.

So did JFK sign EO 11110 on June 4, 1963 and did that order do as this site claims?

share|improve this question
    
Please note that the site in question infers(or maybe even claims) that this is the reason for JFK being murdered. That is not a claim I am attempting to challenge or even address. –  Chad Jun 18 at 13:39
    
So, did it put the Fed out of business? Why not? –  adam.r Jun 18 at 16:46
add comment

1 Answer 1

Yes, he signed it on June 4, 1963. The text of the Executive Order can be found online:

SECTION 1. Executive Order No. 10289 of September 19, 1951, as amended, is hereby further amended --

(a) By adding at the end of paragraph 1 thereof the following subparagraph (j):

"(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821 (b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of any outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption," and

(b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.

SEC. 2. The amendment made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue and may be enforced as if said amendments had not been made.

However, I don't see anything in the text that would strip the Federal reserve of any power to loan money. Specifically, it only delegated existing Presidential power to the Treasury Department.

Further, Kennedy was vocal in his desire to stop using silver as a monetary metal, with a plan to replace silver certificates with Federal Reserve notes. That would seem to be at odds with the claim that he was trying to put the Fed out of business.

share|improve this answer
    
It might be useful context to summarize the sense of Order 10289 paragraph 1. Eg is it listing powers that are being waived? –  Nate Eldredge Jun 19 at 2:19
1  
@NateEldredge: Paragraph 1 consists of the "The Secretary of the Treasury is hereby designated and empowered to perform the following-described functions of the President without the approval, ratification, or other action of the President:" followed by a lettered list of specific delegations. I cannot find a convient copy of the original (unammended order online), so I have no link, but cite the order itself as evidence of its contents. –  Kevin Cathcart Jun 19 at 16:06
add comment

Your Answer

 
discard

By posting your answer, you agree to the privacy policy and terms of service.

Not the answer you're looking for? Browse other questions tagged or ask your own question.