National Emergency Employment Defense Act of 2011

[AI summary unavailable — showing source text] National Emergency Employment Defense Act of 2011 - Replaces Federal Reserve notes with United States Money. Instructs the Secretary of the Treasury to originate United States Money to address any negative fund balances resulting from a shortfall in available government receipts to fund government appropriations. Subjects to criminal and civil penalties any person who creates or originates United States Money by lending against deposits through "fractional reserve banking." Prohibits borrowing by the Secretary or by any federal agency or department, independent establishment of the executive branch, or any other instrumentality of the United States (other than a national bank, federal savings association, or federal credit union) from any source other than the Secretary. Requires the Secretary to begin to retire all outstanding instruments of U.S. indebtedness by payment in full of the amount legally due the bearer in United States Money. Prescribes requirements for the entry of United States Money into circulation. Directs the Secretary to purchase all net assets in the Federal Reserve System, including the Federal reserve banks. Requires return to any member bank in the…