H.R. 1576: Dollar Bill Act of 2013

Introduced:
Apr 16, 2013
Status:
Referred to Committee
Prognosis
1% chance of being enacted
Track this bill
Sponsor
Ted Poe
Representative for Texas's 2nd congressional district
Party
Republican
Text
Read Text »
Last Updated
Apr 16, 2013
Length
6 pages
Related Bills
H.R. 1638 (112th) was a previous version of this bill.

Referred to Committee
Last Action: Apr 15, 2011

 
Status

This bill was assigned to a congressional committee on April 16, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Apr 16, 2013
Referred to Committee Apr 16, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

2% chance of getting past committee.
1% chance of being enacted.

Only 11% of bills made it past committee and only about 3% were enacted in 2011–2013. [show factors | methodology]

 
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

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)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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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.


4/16/2013--Introduced.
Dollar Bill Act of 2013 - Directs the Board of Governors of the Federal Reserve System (Board) to:
(1) designate a "Target Week";
(2) employ a random process to select a specific day, hour, minute, and second during such Target Week as "Target Moment" (which shall not be publicly disclosed);
(3) make the value of the U.S. dollar at the Target Moment equal to the price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc.; and
(4) maintain the value of the U.S. dollar within plus or minus 2% of such price ("Target Range") thereafter.
Instructs the Board maintain the value of the United States dollar within the Target Range directly, via open market operations, and not 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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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