United States 112th Congress Status: Died 1 R cosponsors

HR 1638 — Dollar Bill Act of 2011

Last action — Referred to the Subcommittee on Domestic Monetary Policy and Technology.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 1638 on the official United States source →

Action History

  1. Referred to the Subcommittee on Domestic Monetary Policy and Technology.

  2. Referred to House Budget

  3. Referred to House Ways and Means

  4. Referred to House Financial Services

  5. 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.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
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Frequently asked questions

What does HR 1638 do?
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.
Who sponsors HR 1638?
HR 1638 is sponsored by Ted Poe (R).
What is the current status of HR 1638?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 1638?
Track HR 1638 free on One Click Politics — get push/email alerts when it moves.

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