H.R. 1638 (112th): Dollar Bill Act of 2011

Introduced:
Apr 15, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Ted Poe
Representative for Texas's 2nd congressional district
Party
Republican
Text
Read Text »
Last Updated
Apr 15, 2011
Length
6 pages
Related Bills
H.R. 835 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Feb 03, 2009

H.R. 1576 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Apr 16, 2013

 
Status

This bill was introduced on April 15, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 15, 2011
Referred to Committee Apr 15, 2011
 
Full Title

To stimulate the economy, provide for a sound United States dollar by defining a value for the dollar, to remove the authority of Federal Reserve banks to pay earnings on certain balances maintained at such banks, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

House Financial Services

Domestic Monetary Policy and Technology

House Budget

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


4/15/2011--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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