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H.R. 835 (111th): Dollar Bill Act of 2009

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


2/3/2009--Introduced. Dollar Bill Act of 2009 - Directs the Board of Governors of the Federal Reserve System (Board) to make and maintain the value of the U.S. dollar at a market value of 0.002 of a troy ounce of gold.

Instructs the Board, in regulating such value, to: (1) conduct open market operations against an explicit target for the price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc; and (2) use its banking and bank regulatory powers to maintain and promote stable, effective financial markets during and after the transition to such defined value.

Prohibits the Board from conducting open market operations indirectly, as in the current practice of targeting the Federal Funds rate.

Declares that, effective January 1, 2009, entities that depreciate capital assets for tax purposes shall be entitled to 100% expensing of all capital investment for tax purposes in the year that the investment is made.

Requires the Congressional Budget Office (CBO) to calculate the impact on federal revenues of the tax changes under this Act on a present value basis in the manner that such calculations are done by the Social Security Trustees, taking into account that: (1) first year expensing of capital investment accelerates, but does not change, the total amount of the depreciation that taxpayers take based upon their investments; and (2) capital investments by businesses have historically earned much higher returns than the interest rate on government bonds.