US HB1638 | 2011-2012 | 112th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on April 15 2011 - 25% progression, died in committee
Action: 2011-05-02 - Referred to the Subcommittee on Domestic Monetary Policy and Technology.
Pending: House Subcommittee on Domestic Monetary Policy and Technology Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 15 2011 - 25% progression, died in committee
Action: 2011-05-02 - Referred to the Subcommittee on Domestic Monetary Policy and Technology.
Pending: House Subcommittee on Domestic Monetary Policy and Technology Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Dollar Bill Act of 2011 - Requires the Board of Governors of the Federal Reserve System to: (1) make the value of the U.S. dollar equal to price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc.; and (2) maintain that value at this level. Prohibits the Board, in regulating the value of the U.S. dollar, from conducting open market operations indirectly, as in the current practice of targeting the federal funds rate. Requires the Board to use its banking and bank regulatory powers to maintain and promote stable and effective financial markets during and after the transition to a defined value for the U.S. dollar. Entitles all entities that depreciate capital assets for tax purposes to 100% expensing of all capital investment for tax purposes in the year that the investment is made. Requires the Congressional Budget Office (CBO), in addition to the scoring CBO will do of the tax changes provided in this Act, to calculate the impact on federal revenues on a present value basis. Amends the Federal Reserve Act to remove Federal Reserve Bank authority to pay earnings on reserves.
Title
Dollar Bill Act of 2011
Sponsors
Rep. Ted Poe [R-TX] |
History
Date | Chamber | Action |
---|---|---|
2011-05-02 | House | Referred to the Subcommittee on Domestic Monetary Policy and Technology. |
2011-04-15 | House | Referred to House Budget |
2011-04-15 | House | Referred to House Ways and Means |
2011-04-15 | House | Referred to House Financial Services |
2011-04-15 | House | Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. |
Subjects
Accounting and auditing
Banking and financial institutions regulation
Business investment and capital
Commodities markets
Currency
Finance and financial sector
Income tax deductions
Metals
Monetary policy
Banking and financial institutions regulation
Business investment and capital
Commodities markets
Currency
Finance and financial sector
Income tax deductions
Metals
Monetary policy
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/112th-congress/house-bill/1638/all-info |
Text | https://www.congress.gov/112/bills/hr1638/BILLS-112hr1638ih.pdf |