,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #aegf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #af1 #bjac ,mr4
 ,poe ( ,texas introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices1 & 9 addition to !   
,committees on ,ways & ,means & !       
,budget1 = a p]iod to be subsequ5tly    
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to /imulate ! economy1 provide
 = a s\nd ,unit$ ,/ates doll> by def9+ a
 value = ! doll>1 to remove ! au?ority (
 ,f$]al ,res]ve banks to pay e>n+s on   
c]ta9 balances ma9ta9$ at su* banks1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,doll> ,bill ,act (
 #bjac4  #b4 ,f9d+s ,congress f9ds !    
foll[+3  7#a7 ,article ,i1 section #h ( 
! ,con/itution ( ! ,unit$ ,/ates        
provides t ! ,congress %all h ,p[] to   
co9 money1 regulate ! value !re(1 & (   
=eign co91 & fix ! /&>d ( weights &     
measures4  7#b7 ,congress effectively   

delegat$ ! p[] to regulate ! value (    
,unit$ ,/ates money & =eign money to !  
,f$]al ,res]ve ,sy/em via ! ,f$]al      
,res]ve ,act ( #aiac4  7#c7 ,! value ( !
 ,unit$ ,/ates doll> has fall5          
dramatically relative to gold1 crude    
oil1 o!r real commodities & major =eign 
curr5cies4  7#d7 ,! value ( ! ,unit$    
,/ates doll> has become un/able &       
unc]ta94  7#e7 ,! ,bo>d ( ,gov]nors ( ! 
,f$]al ,res]ve ,sy/em has n produc$ a   
/able & reliable value = ! ,unit$ ,/ates
 doll>4  7#f7 ,! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em _c reasonably be  
expect$ to produce a /able & reliable   
value = ! ,unit$ ,/ates doll>4  7#g7 ,an
 un/able doll> sl[s ! gr[? ( ! economy  
by increas+ ! co/ ( capital1 increas+ ! 
risks att5dant to long-t]m capital      
inve/m5t1 & increas+ ! effective rate ( 
! corporate income tax4  7#h7 ,an       
un/able doll> r$uces ! real e>n+s (     
,am]ican work]s4  7#i7 ,an un/able doll>
 r$uces ! real value ( f9ancial assets  
held by ! public4  7#aj7 ,an un/able    

doll> r$uces ! real value ( p5sion plans
 & retirem5t acc\nts ^u :i* ,am]icans   
dep5d = _! security4  7#aa7 ,an un/able 
doll> damages ! economic & political /&+
 ( ! ,unit$ ,/ates 9 ! _w community4    
7#ab7 ,an un/able doll> gives rise to   
anxiety1 unc]ta9ty1 & risk among !      
f9ancial m>kets & ! public4  #c4        
,directives to ! ,bo>d ( ,gov]nors ( !  
,f$]al ,res]ve ,sy/em  7a7 ,9 g5]al     
,be=e ! end ( ! #cj-;day p]iod beg9n+ on
 ! date ( ! enactm5t ( ?is ,act1 ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em  
%all designate a specific week 7! ,t>get
 ,week7 />t+ no e>li] ?an #ij days f !  
date ( ! enactm5t ( ?is ,act & end+ no  
lat] ?an #abj days f ! enactm5t ( ?is   
,act4 ,aft] designat+ ! ,t>get ,week1 ! 
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all !n employ a r&om process to 
select a specific day1 h\r1 m9ute1 &    
second dur+ ! ,t>get ,week 7! ,t>get    
,mom5t71 :i* %all n be publicly         
disclos$4 ,at ! ,t>get ,mom5t1 ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve ,sy/em    

%all make ! value ( ! ,u4,s4 doll> equal
 to ! price ( gold on ! ex*ange op]at$  
by ! ,commodities ,ex*ange1 ,inc4       
7,,comex7 ( ! ,new ,york ,m]cantile     
,ex*ange1 ,inc41 z ( ! ,t>get ,mom5t &  
ma9ta9 ! value ( ! ,unit$ ,/ates doll>  
)9 plus or m9us #b p]c5t ( su* price 7! 
,t>get ,range7 !reaft]4  7b7 ,t>get ,!  
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all ma9ta9 ! value ( ! ,unit$   
,/ates doll> )9 ! ,t>get ,range         
directly1 via op5 m>ket op]ations1 & n  
indirectly1 z 9 ! curr5t practice (     
t>get+ ! ,f$]al ,funds rate4  7c7       
,promotion ( /able & effective f9ancial 
m>kets ,! ,bo>d ( ,gov]nors ( ! ,f$]al  
,res]ve ,sy/em %all use ! bank+ & bank  
regulatory p[]s ( ! ,bo>d to ma9ta9 &   
promote /able & effective f9ancial      
m>kets dur+ & aft] ! transition to a    
def9$ value = ! ,unit$ ,/ates doll>4    
#d4 ,tax depreciation ,effective ,janu>y
 #a1 #bjac1 all entities t depreciate   
capital assets = tax purposes %all be   
entitl$ to #ajj p]c5t exp5s+ ( all      

capital inve/m5t = tax purposes 9 ! ye> 
t ! inve/m5t is made4  #e4 ,directive to
 ! congressional budget (fice ,9        
addition to ! scor+ t ! ,congressional  
,budget ,(fice w d ( ! tax *anges       
provid$ 9 ?is ,act 9 ! normal c\rse (   
ev5ts1 ! ,congressional ,budget ,(fice  
%all also calculate ! impact on ,f$]al  
rev5ues on a pres5t value basis4 ,?is   
calculation %all be done 9 ! mann] t su*
 calculations are done by ! ,social     
,security ,tru/ees1 & %all take into    
acc\nt ! foll[+3  7#a7 ,t fir/ ye>      
exp5s+ ( capital inve/m5t accel]ates1 b 
does n *ange ! total am\nt ( !          
depreciation t taxpay]s take bas$ ^u _! 
inve/m5ts4  7#b7 ,capital inve/m5ts by  
bus9esses h hi/orically e>n$ mu* high]  
returns ?an ! int]e/ rate on gov]nm5t   
bonds4  #f4 ,conflict ( laws provision  
,9 ! ev5t t any provisions ( ?is ,act   
are f\nd to be 9 conflict ) ^? ( ! ,full
 ,employm5t & ,balanc$ ,gr[? ,act (     
#aigh1 ! provisions ( ?is ,act %all     
sup]s$e ! provisions ( su* ,act to !    

ext5t ( ! conflict4  #g4 ,removal (     
,f$]al ,res]ve bank au?ority to pay     
e>n+s on res]ves  7a7 ,9 g5]al ,section 
#ai7;b77#ab7 ( ! ,f$]al ,res]ve ,act    
7#ab ,u4,s4,c4 #dfa7;b77#ab77 is am5d$--
  7#a7 9 ! head+ ( su* p>agraph1 by     
/rik+ ,e>n+s & ins]t+ ,no e>n+s2  7#b7 9
 subp>agraph 7,a71 by /rik+ may receive 
e>n+s to be paid by ! ,f$]al ,res]ve    
bank at lea/ once ea* cal5d> qu>t]1 at a
 rate or rates n to exce$ ! g5]al level 
( %ort-t]m int]e/ rates & ins]t+ may n  
receive e>n+s paid by ! ,f$]al ,res]ve  
bank2  7#c7 by /rik+ subp>agraph 7,b72 &
  7#d7 by r$esignat+ subp>agraph 7,c7 z 
subp>agraph 7,b74  7b7 ,effective date  
,! am5dm5ts made "u ?is section %all    
take effect aft] ! end ( ! #cj-;day     
p]iod beg9n+ on ! date ( ! enactm5t (   
?is ,act4