3.0.0 7260 2019-11-15T20:56:29Z 2019-11-15T20:56:29Z House H HR 2008-10-03 110 hsba00 Financial Services Committee House Standing Referred to 2008-10-03T13:00:50Z 2008-10-03 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2008-10-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-10-03 Introduced in House IntroReferral 1000 9 Library of Congress K000336 Rep. Kucinich, Dennis J. [D-OH-10] DENNIS KUCINICH D OH J. 10 N Finance and Financial Sector Accounting and auditing Bank accounts, deposits, capital Census and government statistics Congressional oversight Consumer credit Credit and credit markets Currency Economic performance and conditions Federal Reserve System Foreign loans and debt Government information and archives Interest, dividends, interest rates Monetary policy Unemployment Finance and Financial Sector 00 2008-10-03 Introduced in House 2009-01-16T21:26:45Z Transparency in the Creation of Wealth Act of 2008 - Directs the Board of Governors of the Federal Reserve System to: (1) devise, calculate, and publish a replacement for the discontinued M3 monetary statistic; (2) tabulate and publish a statistical description of the current distribution of wealth in the United States by quintile; (3) calculate and report to the Congress the total annual seigniorage interest income received by financial institutions as a result of their being allowed to create money in the form of the credit they extend above their own cash deposits or reserves before extending the loans; (4) calculate and publish semi-annually the loss or gain in economic output due to the deviation of the previous year's actual unemployment rate from the 4% level required by specified statute; (5) tabulate and publish data showing the amount of credit and the percentage of credit now being created and directed into specified transactions; (6) develop a market-based estimate of the value of residential, corporate and publicly owned land and report figures; and (7) make projections, in ten-year increments, of the net foreign debt, and estimate and report on the location of federal reserve notes, by country and type of holder.

Directs the Comptroller General to conduct a full audit of the Federal Reserve System in every year before a presidential election year.

Directs the Board to: (1) publish a quarterly and annual summary of total credit market debt; (2) release the statistics required to be compiled by this Act at a quarterly news conference; and (3) the survey of consumer finances and the total credit market debt report at an annual news conference.

]]> Transparency in the Creation of Wealth Act of 2008 Short Titles as Introduced Transparency in the Creation of Wealth Act of 2008 Display Title Transparency in the Creation of Wealth Act of 2008 Official Title as Introduced To increase the quality and public accessibility of research by the Board of Governors of the Federal Reserve System on the effects of monetary policy on the distribution of wealth in the United States, and the proportion of newly created monetary resources directed into various sectors of the economy, and for other purposes. Introduced in House 2008-10-03T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr7260ih/xml/BILLS-110hr7260ih.xml 2008-10-03 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.