Something I found
Has anyone else read this? The part I underlined is really what my attention. Is the dollar now going to backed by gold again or am I missing something?
=========================================
Dollar Bill Act of 2009 (Introduced in House)
HR 835 IH
111th CONGRESS
1st Session
H. R. 835
To stimulate the economy and provide for a sound
United States dollar by defining a value for the
dollar, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
February 3, 2009
Mr. POE of Texas (for himself and Mr. FRANKS of Arizona)
introduced the following bill; which was 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
A BILL
To stimulate the economy and provide for a sound United States
dollar by defining a value for the dollar, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Dollar Bill Act of 2009'.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Article I, section 8 of the Constitution of the United
States provides that the Congress shall have Power to coin
money, regulate the value thereof, and of foreign coin , and
fix the standard of weights and measures.
(2) Congress effectively delegated the power to regulate the
value of United States money and foreign money to the Federal
Reserve System via the Federal Reserve Act of 1913.
(3) The value of the United States dollar has fallen
dramatically relative to gold, crude oil, other real
commodities and major foreign currencies.
(4) The value of the United States dollar has become unstable
and uncertain.
(5) The Board of Governors of the Federal Reserve System has
not produced a stable and reliable value for the United
States dollar.
(6) The Board of Governors of the Federal Reserve System
cannot reasonably be expected to produce a stable and
reliable value for the United States dollar.
(7) An unstable dollar slows the growth of the economy by
increasing the cost of capital, increasing the risks
attendant to long-term capital investment, and increasing
the effective rate of the corporate income tax.
(8) An unstable dollar reduces the real earnings of
American workers.
(9) An unstable dollar reduces the real value of financial
assets held by the public.
(10) An unstable dollar reduces the real value of pension
plans and retirement accounts upon which Americans depend
for their security.
(11) An unstable dollar damages the economic and political
standing of the United States in the world community.
(12) An unstable dollar gives rise to anxiety, uncertainty,
and risk among the financial markets and the public.
SEC. 3. DIRECTIVES TO THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
(a) In General- Before the end of the 90-day period
beginning on the date of the enactment of this Act, the
Board of Governors of the Federal Reserve System shall
make the value of the U.S. dollar equal to the market
value of 0.002 of a troy ounce of gold and maintain the
value of the United States dollar at this level.
_____________________________________________________
(b) Target- In regulating the value of the United States
dollar, the Board of Governors of the Federal Reserve
System shall--
(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) shall not conduct open market operations indirectly,
as in the current practice of targeting the Federal
Funds rate.
(c) Promotion of Stable and Effective Financial
Markets- The Board of Governors of the Federal Reserve
System shall use the banking and bank regulatory powers
of the Board to maintain and promote stable and
effective financial markets during and after the
transition to a defined value for the United States
dollar.
SEC. 4. TAX DEPRECIATION.
Effective January 1, 2009, all entities that
depreciate capital assets for tax purposes shall be
entitled to 100 percent expensing of all capital
investment for tax purposes in the year that the
investment is made.
SEC. 5. DIRECTIVE TO THE CONGRESSIONAL BUDGET OFFICE.
In addition to the scoring that the Congressional
Budget Office will do of the tax changes provided in
this Act in the normal course of events, the
Congressional Budget Office shall also calculate the
impact on Federal revenues on a present value basis.
This calculation shall be done in the manner that
such calculations are done by the Social Security
Trustees, and shall take into account the following:
(1) That first year expensing of capital investment
accelerates, but does not change the total amount of
the depreciation that taxpayers take based upon their
investments.
(2) Capital investments by businesses have historically
earned much higher returns than the interest rate on
government bonds.
SEC. 6. CONFLICT OF LAWS PROVISION.
In the event that any provisions of this Act are
found to be in conflict with those of the Full
Employment and Balanced Growth Act of 1978, the
provisions of this Act shall supersede the provisions
of such Act to the extent of the conflict.
=========================================
Dollar Bill Act of 2009 (Introduced in House)
HR 835 IH
111th CONGRESS
1st Session
H. R. 835
To stimulate the economy and provide for a sound
United States dollar by defining a value for the
dollar, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
February 3, 2009
Mr. POE of Texas (for himself and Mr. FRANKS of Arizona)
introduced the following bill; which was 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
A BILL
To stimulate the economy and provide for a sound United States
dollar by defining a value for the dollar, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Dollar Bill Act of 2009'.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Article I, section 8 of the Constitution of the United
States provides that the Congress shall have Power to coin
money, regulate the value thereof, and of foreign coin , and
fix the standard of weights and measures.
(2) Congress effectively delegated the power to regulate the
value of United States money and foreign money to the Federal
Reserve System via the Federal Reserve Act of 1913.
(3) The value of the United States dollar has fallen
dramatically relative to gold, crude oil, other real
commodities and major foreign currencies.
(4) The value of the United States dollar has become unstable
and uncertain.
(5) The Board of Governors of the Federal Reserve System has
not produced a stable and reliable value for the United
States dollar.
(6) The Board of Governors of the Federal Reserve System
cannot reasonably be expected to produce a stable and
reliable value for the United States dollar.
(7) An unstable dollar slows the growth of the economy by
increasing the cost of capital, increasing the risks
attendant to long-term capital investment, and increasing
the effective rate of the corporate income tax.
(8) An unstable dollar reduces the real earnings of
American workers.
(9) An unstable dollar reduces the real value of financial
assets held by the public.
(10) An unstable dollar reduces the real value of pension
plans and retirement accounts upon which Americans depend
for their security.
(11) An unstable dollar damages the economic and political
standing of the United States in the world community.
(12) An unstable dollar gives rise to anxiety, uncertainty,
and risk among the financial markets and the public.
SEC. 3. DIRECTIVES TO THE BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM.
(a) In General- Before the end of the 90-day period
beginning on the date of the enactment of this Act, the
Board of Governors of the Federal Reserve System shall
make the value of the U.S. dollar equal to the market
value of 0.002 of a troy ounce of gold and maintain the
value of the United States dollar at this level.
_____________________________________________________
(b) Target- In regulating the value of the United States
dollar, the Board of Governors of the Federal Reserve
System shall--
(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) shall not conduct open market operations indirectly,
as in the current practice of targeting the Federal
Funds rate.
(c) Promotion of Stable and Effective Financial
Markets- The Board of Governors of the Federal Reserve
System shall use the banking and bank regulatory powers
of the Board to maintain and promote stable and
effective financial markets during and after the
transition to a defined value for the United States
dollar.
SEC. 4. TAX DEPRECIATION.
Effective January 1, 2009, all entities that
depreciate capital assets for tax purposes shall be
entitled to 100 percent expensing of all capital
investment for tax purposes in the year that the
investment is made.
SEC. 5. DIRECTIVE TO THE CONGRESSIONAL BUDGET OFFICE.
In addition to the scoring that the Congressional
Budget Office will do of the tax changes provided in
this Act in the normal course of events, the
Congressional Budget Office shall also calculate the
impact on Federal revenues on a present value basis.
This calculation shall be done in the manner that
such calculations are done by the Social Security
Trustees, and shall take into account the following:
(1) That first year expensing of capital investment
accelerates, but does not change the total amount of
the depreciation that taxpayers take based upon their
investments.
(2) Capital investments by businesses have historically
earned much higher returns than the interest rate on
government bonds.
SEC. 6. CONFLICT OF LAWS PROVISION.
In the event that any provisions of this Act are
found to be in conflict with those of the Full
Employment and Balanced Growth Act of 1978, the
provisions of this Act shall supersede the provisions
of such Act to the extent of the conflict.
Views: 2
Replies to This Discussion
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Permalink Reply by jraytinkey on -
That's interesting. They need to back the dollar with something! My state (MO) actually has a bill in the works that will allow citizens in my state to pay or receive either gold/silver or dollars for government transactions. I doubt it will ever get voted on though.
I think Ron Paul has tried to bring back a version of the gold standard for years now...I can't see it happening though.
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Permalink Reply by jraytinkey on
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And I'm glad that this pegs the dollar to .002 oz of gold rather than peg gold vs. the dollar. That was a mistake!
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Permalink Reply by Gary on -
My calculations say it will put the dollar at about a $1.97.
Joshua Tinkey said:And I'm glad that this pegs the dollar to .002 oz of gold rather than peg gold vs. the dollar. That was a mistake!
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Permalink Reply by jraytinkey on
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I don't think there is enough gold in the world to back all of our dollars up...interesting to see how that would turn out!
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Permalink Reply by Gary on
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The government does hold gold from other countries, so you never know what happen. 0.002 taks a lot make an ounce.
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Permalink Reply by jraytinkey on
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I'm guessing we wouldn't see any more $2.50 gold coins if we were to go back on the gold standard pegged at .002 oz huh? :P That would be cool to see silver and gold currency again used in every day circulation.
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Permalink Reply by Gary on
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we would probably never see it circulated only backed. Don't be suprised if small change goes away. But let see what happens and where this goes before we become speculators. You know where that gets you.
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Permalink Reply by jraytinkey on
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Yeah, I better calm myself down! lol
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Permalink Reply by Chris on -
Somebody please correct me if I'm wrong, but this would not be a good thing at all for gold investors (at least for those who are buying at this point in time). If $1.00 was 'set' equal to 0.002 troy ounce of gold, then $500.00 would equate to one ounce. That would be a long drop from the current ~$960.00 per ounce.
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Permalink Reply by Gary on
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Not nessacerially, the dollar can be worth more than a dollar as weird as that sounds. Which means it has more buying power.
Chris said:Somebody please correct me if I'm wrong, but this would not be a good thing at all for gold investors (at least for those who are buying at this point in time). If $1.00 was 'set' equal to 0.002 troy ounce of gold, then $500.00 would equate to one ounce. That would be a long drop from the current ~$960.00 per ounce.
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