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
-
Permalink Reply by STEPHEN F. on -
Thanks Gary for your information. It was great reading. Unfortunately, there is no chance in heck this will become a reality.
-
Permalink Reply by Chris on
-
I understand the strong versus weak dollar concept, but my point is that if this legislation were to pass tomorrow (of course it will not, but just for example) I would be better off by keeping my stash of dollars and buying gold tomorrow. If my fixed stash of dollars are going to be stronger tomorrow, I will get more bang for the buck.
Ray said:Right. Gold is still the same price. It is just a matter of buying it with 960 weak dollars or 500 strong dollars. Think of buying gold with another nation's currency. Gold will still cost the same number of GBP, for instance, regardless of the value of the dollar.
-
Permalink Reply by Lureuin on -
It will never make it through the committees, let alone make it to a vote full vote.
If this passed, the US Dollar would become even lower in value than it currently is; by half. If this even got close to a full vote the Chinese (the folks that own this country) would dump all the American Securities they hold (because they would be getting ready to lose half their investment), which would completely crash our system.
The bill is a joke, and the authors of it are bigger jokes for not understanding the way things work. A more realistic number would be 0.001.
I'll give you a $500 if it makes it makes it through congress, if you give me $100 if it doesn't. Deal anyone?
-
Permalink Reply by Lureuin on
-
Tom- Just because we decide to place a gold standard value on our dollar doesn't make the rest of the world honor our "new" value. If gold is valued at 1k and we say our dollar now makes it worth $500, the rest of the world says "OK now your dollar is worth half against our money". You would have to contract the money supply first.
I would love to see the entire world on a gold standard instead of the nonsense fiat system. The G-8 may just force this issue if things don't get better soon.
- ‹ Previous
- 1
- 2
- Next ›
© 2012 Created by coinnetwork.
