,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #aegf  ,,in ,,the ,,house ,,of  
,,representatives  ,april #af1 #bjac    
,mr4 ,poe of ,texas introduced the      
following bill2 which was referred to   
the ,committee on ,financial ,services1 
and in addition to the ,committees on   
,ways and ,means and the ,budget1 for a 
period to be subsequently determined by 
the ,speaker1 in each case for          
consideration of such provisions as fall
 within the jurisdiction of the         
committee concerned  ,a ,,bill  ,to     
stimulate the economy1 provide for a    
sound ,united ,states dollar by defining
 a value for the dollar1 to remove the  
authority of ,federal ,reserve banks to 
pay earnings on certain balances        
maintained at such banks1 and for other 
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,dollar ,bill ,act  
of #bjac4  #b4 ,findings ,congress finds
 the following3  7#a7 ,article ,i1      
section #h of the ,constitution of the  
,united ,states provides that the       

,congress shall have ,power to coin     
money1 regulate the value thereof1 and  
of foreign coin1 and fix the standard of
 weights and measures4  7#b7 ,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 #aiac4  7#c7 ,the value
 of the ,united ,states dollar has      
fallen dramatically relative to gold1   
crude oil1 other real commodities and   
major foreign currencies4  7#d7 ,the    
value of the ,united ,states dollar has 
become unstable and uncertain4  7#e7    
,the ,board of ,governors of the        
,federal ,reserve ,system has not       
produced a stable and reliable value for
 the ,united ,states dollar4  7#f7 ,the 
,board of ,governors of the ,federal    
,reserve ,system cannot reasonably be   
expected to produce a stable and        
reliable value for the ,united ,states  
dollar4  7#g7 ,an unstable dollar slows 
the growth of the economy by increasing 

the cost of capital1 increasing the     
risks attendant to long-term capital    
investment1 and increasing the effective
 rate of the corporate income tax4  7#h7
 ,an unstable dollar reduces the real   
earnings of ,american workers4  7#i7 ,an
 unstable dollar reduces the real value 
of financial assets held by the public4 
7#aj7 ,an unstable dollar reduces the   
real value of pension plans and         
retirement accounts upon which          
,americans depend for their security4   
7#aa7 ,an unstable dollar damages the   
economic and political standing of the  
,united ,states in the world community4 
7#ab7 ,an unstable dollar gives rise to 
anxiety1 uncertainty1 and risk among the
 financial markets and the public4  #c4 
,directives to the ,board of ,governors 
of the ,federal ,reserve ,system  7a7   
,in general ,before the end of the      
#cj-;day period beginning on the date of
 the enactment of this ,act1 the ,board 
of ,governors of the ,federal ,reserve  
,system shall designate a specific week 

7the ,target ,week7 starting no earlier 
than #ij days from the date of the      
enactment of this ,act and ending no    
later than #abj days from the enactment 
of this ,act4 ,after designating the    
,target ,week1 the ,board of ,governors 
of the ,federal ,reserve ,system shall  
then employ a random process to select a
 specific day1 hour1 minute1 and second 
during the ,target ,week 7the ,target   
,moment71 which shall not be publicly   
disclosed4 ,at the ,target ,moment1 the 
,board of ,governors of the ,federal    
,reserve ,system shall make the value of
 the ,u4,s4 dollar equal to the price of
 gold on the exchange operated by the   
,commodities ,exchange1 ,inc4 7,,comex7 
of the ,new ,york ,mercantile ,exchange1
 ,inc41 as of the ,target ,moment and   
maintain the value of the ,united       
,states dollar within plus or minus #b  
percent of such price 7the ,target      
,range7 thereafter4  7b7 ,target ,the   
,board of ,governors of the ,federal    
,reserve ,system shall maintain the     

value of the ,united ,states dollar     
within the ,target ,range directly1 via 
open market operations1 and not         
indirectly1 as in the current practice  
of targeting the ,federal ,funds rate4  
7c7 ,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 dollar4  #d4    
,tax depreciation ,effective ,january   
#a1 #bjac1 all entities that depreciate 
capital assets for tax purposes shall be
 entitled to #ajj percent expensing of  
all capital investment for tax purposes 
in the year that the investment is made4
  #e4 ,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 events1 the ,congressional    
,budget ,office shall also calculate the
 impact on ,federal revenues on a       
present value basis4 ,this calculation  
shall be done in the manner that such   
calculations are done by the ,social    
,security ,trustees1 and shall take into
 account the following3  7#a7 ,that     
first year expensing of capital         
investment accelerates1 but does not    
change the total amount of the          
depreciation that taxpayers take based  
upon their investments4  7#b7 ,capital  
investments by businesses have          
historically earned much higher returns 
than the interest rate on government    
bonds4  #f4 ,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 #aigh1 the    
provisions of this ,act shall supersede 
the provisions of such ,act to the      
extent of the conflict4  #g4 ,removal of
 ,federal ,reserve bank authority to pay

 earnings on reserves  7a7 ,in general  
,section #ai7;b77#ab7 of the ,federal   
,reserve ,act 7#ab ,u4,s4,c4            
#dfa7;b77#ab77 is amended--  7#a7 in the
 heading of such paragraph1 by striking 
,earnings and inserting ,no earnings2   
7#b7 in subparagraph 7,a71 by striking  
may receive earnings to be paid by the  
,federal ,reserve bank at least once    
each calendar quarter1 at a rate or     
rates not to exceed the general level of
 short-term interest rates and inserting
 may not receive earnings paid by the   
,federal ,reserve bank2  7#c7 by        
striking subparagraph 7,b72 and  7#d7 by
 redesignating subparagraph 7,c7 as     
subparagraph 7,b74  7b7 ,effective date 
,the amendments made under this section 
shall take effect after the end of the  
#cj-;day period beginning on the date of
 the enactment of this ,act4