This is a draft. I am open to suggestions for changes or improvements. Some parts are more necessary than others, but it’s the best I can do without further input. In any case, here goes, the text of the proposed 28th amendment:
1. Except for demand deposits as determined under section 3 of this amendment and Federal Reserve Notes outstanding as of the date of the ratification of this amendment all debts incurred or alleged to have been incurred by any person or legal entity anywhere in the world up to the date this amendment has been ratified are hereby and forever canceled, void, and unenforceable in any action or proceeding in law or equity in any court of any state, territory or possession of the United States or of the United States itself.
2. The Federal Reserve Act of 1913 is hereby repealed, effective immediately upon ratification of this amendment. All Federal Reserve Notes then outstanding shall hereafter be redeemable upon demand by the Secretary of the Treasury in accordance with sections 3 and 7 of this amendment.
3. Except for an amount required to satisfy the provisions of section 2 with respect to the redemption of Federal Reserve Notes by the Department of the Treasury, eight-tenths of all remaining gold in the possession of the United States, including gold in the possession of the Federal Reserve System, as of the date of the ratification of this amendment shall be physically distributed so as to satisfy all claims against banks and lending institutions based upon demand deposits existing on that date, as determined under section 4. One-tenth of said gold shall be distributed to the governors of the several states in proportion to their respective populations, as determined by the Secretary of the Treasury under section 4 of this amendment.
4. The Secretary of the Treasury shall have the power to carry out the provisions of this amendment and shall report and account to a joint session of Congress, which session must be held within thirty (30) days of the ratification of this amendment. The sole power of Congress with respect to this report and account is defined in section 10 of this amendment.
5. The United States is hereafter prohibited from establishing, chartering, regulating, or operating directly or indirectly, any bank, depositary institution or lending institution other than the Treasury itself.
6. The United States shall not make any thing but gold and silver coin a tender in payment of debts.
7. The monetary unit of the United States shall be the dollar. The Secretary of the Treasury shall define the dollar as a specific quantity of gold, measured in troy ounces, at the time of the report to a joint session of Congress specified in section 4. Unless the provisions of section 10 are applied, the quantity so specified shall become final and thereafter may be changed only by amending this constitution. The quantity so specified shall have as its sole purpose the fulfillment of the requirements of section 3 of this amendment.
8. Article I, Section 8 is hereby amended in that Congress shall not have the power to regulate the value of money.
9. Section 4 of Amendment 14 is hereby repealed.
10. a) Bad faith by the Secretary of the Treasury, or his successor under section 11, in carrying out the provisions of this amendment shall constitute treason against the United States and shall be punishable by death. Congress shall determine the presence of such bad faith, which shall require the agreement of three-fourths of both houses at the joint session prescribed by section 4.
b) In the event Congress makes a finding of bad faith under subparagraph (a), and notwithstanding any other provision of this constitution, the President shall execute and put to death the Secretary of the Treasury at dawn on the day following such Congressional finding, in whatever manner the President deems advisable.
c) In the event the President or any successor fails or refuses to carry out the provisions of this section, the United States shall be promptly dissolved in accordance with section 12.
11. Should the provisions of section 10 be applied, the President shall thereafter be substituted for the Secretary of the Treasury to carry out the provisions of this amendment, and shall report and account to a joint session of Congress within thirty days and be subject to the provisions of section 10; and in the event the provisions of section 10 are again applied, the president shall be succeeded in accordance with amendment 20, 25, and the laws enacted pursuant thereto, and each successor shall report and account in accordance with section 4 and be subject to the provisions of section 10, and this section.
12. Notwithstanding any other provision of this amendment or this constitution, in the event the provisions of section 10 are applied to all successors under section 11, then upon the execution and death of the last successor so named the United States is to be promptly dissolved and its assets distributed, pro rata, to the several states by delivery of such assets to each governor thereof. The Chief Justice of the United States Supreme Court shall conduct such proceedings to carry out the provisions of this section as he shall deem advisable, but such proceedings must conclude within one (1) calendar year of the death of the last successor under this section.