US Congress House Bill 1638 (Prior Session Legislation)

---

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]

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.

Dollar Bill Act of 2011

Rep. Ted Poe [R-TX]

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.

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