3.0.0 4180 2022-03-01T06:43:08Z 2022-03-01T06:43:08Z House H HR 2012-03-08 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BRADY of Texas:H.R. 4180.Congress has the power to enact this legislation pursuantto the following:The United States Constitution provides the legalfoundation for the Federal Reserve in Article I, Section 8,Clause 5, which give Congress the power ``to coin money [and]regulate the value thereof,'' and Clause 18, which givesCongress the power to make laws ``necessary and proper forcarrying [out] the foregoing powers.''For a more thorough legal brief on power of the federalgovernment to charter a central bank, see Alexander Hamilton,``Opinion on the Constitutionality of a National Bank'' inAlexander Hamilton: Writings (New York: Literary Classics,2001), pp. 613 646.[Page H1305]]]> hsba00 Financial Services Committee House Standing hsba19 Domestic Monetary Policy and Technology Subcommittee Hearings by 2012-05-08T21:00:54Z Referred to 2012-04-26T14:53:23Z hsba15 Consumer Protection and Financial Institutions Subcommittee Referred to 2012-04-26T14:53:31Z Referred to 2012-03-08T14:57:10Z Federal Reserve Modernization Act of 2012 112 2247 S 2012-03-28 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2012-05-08 hsba19 Domestic Monetary Policy and Technology Subcommittee 1 House committee actions Subcommittee Hearings Held. Committee 2012-04-26 hsba15 Consumer Protection and Financial Institutions Subcommittee 1 House committee actions Referred to the Subcommittee on Financial Institutions and Consumer Credit. Committee 2012-04-26 hsba19 Domestic Monetary Policy and Technology Subcommittee 1 House committee actions Referred to the Subcommittee on Domestic Monetary Policy and Technology. Committee 2012-03-08 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2012-03-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-03-08 Introduced in House IntroReferral 1000 9 Library of Congress B000755 Rep. Brady, Kevin [R-TX-8] KEVIN BRADY R TX 8 N P000587 Rep. Pence, Mike [R-IN-6] MIKE PENCE R IN 6 2012-03-08 True G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2012-03-08 True P000265 Rep. Petri, Thomas E. [R-WI-6] TOM PETRI R WI 6 2012-03-08 True R000592 Rep. Rokita, Todd [R-IN-4] Todd Rokita R IN 4 2012-03-08 True F000461 Rep. Flores, Bill [R-TX-17] Bill Flores R TX 17 2012-03-08 True K000220 Rep. Kingston, Jack [R-GA-1] JACK KINGSTON R GA 1 2012-03-08 True M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 2012-03-08 True F000444 Rep. Flake, Jeff [R-AZ-6] JEFF FLAKE R AZ 6 2012-03-08 True L000575 Rep. Lankford, James [R-OK-5] James Lankford R OK 5 2012-03-08 True P000373 Rep. Pitts, Joseph R. [R-PA-16] JOSEPH PITTS R PA R. 16 2012-03-08 True F000448 Rep. Franks, Trent [R-AZ-2] Trent Franks R AZ 2 2012-03-08 True F000456 Rep. Fleming, John [R-LA-4] John Fleming R LA 4 2012-03-08 True G000566 Rep. Gowdy, Trey [R-SC-4] Trey Gowdy R SC 4 2012-03-08 True B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 2012-03-08 True L000571 Rep. Lummis, Cynthia M. [R-WY-At Large] Cynthia Lummis R WY M. 0 2012-03-08 True W000811 Rep. Walsh, Joe [R-IL-8] Joe Walsh R IL 8 2012-03-08 True R000587 Rep. Ribble, Reid J. [R-WI-8] Reid Ribble R WI J. 8 2012-03-08 True D000615 Rep. Duncan, Jeff [R-SC-3] Jeff Duncan R SC 3 2012-03-08 True J000255 Rep. Jones, Walter B., Jr. [R-NC-3] WALTER JONES R NC B. 3 2012-03-08 True C001053 Rep. Cole, Tom [R-OK-4] Tom Cole R OK 4 2012-03-08 True L000564 Rep. Lamborn, Doug [R-CO-5] Doug Lamborn R CO 5 2012-03-08 True P000588 Rep. Pearce, Stevan [R-NM-2] Stevan Pearce R NM 2 2012-03-08 True M001138 Rep. Manzullo, Donald A. [R-IL-16] DONALD MANZULLO R IL 16 2012-03-08 True M001177 Rep. McClintock, Tom [R-CA-4] Tom McClintock R CA 4 2012-03-08 True S001155 Rep. Sullivan, John [R-OK-1] John Sullivan R OK 1 2012-03-08 True B001149 Rep. Burton, Dan [R-IN-5] DAN BURTON R IN 5 2012-03-29 False H000528 Rep. Herger, Wally [R-CA-2] WALLY HERGER R CA 2 2012-03-29 False T000238 Rep. Thornberry, Mac [R-TX-13] WILLIAM THORNBERRY R TX M. 13 2012-03-29 False B001272 Rep. Berg, Rick [R-ND-At Large] Rick Berg R ND 0 2012-03-29 False C001082 Rep. Canseco, Francisco "Quico" [R-TX-23] Francisco Canseco R TX Quico 23 2012-03-29 False D000614 Rep. Duffy, Sean P. [R-WI-7] Sean Duffy R WI P. 7 2012-03-29 False L000491 Rep. Lucas, Frank D. [R-OK-3] FRANK LUCAS R OK D. 3 2012-04-19 False J000174 Rep. Johnson, Sam [R-TX-3] SAM JOHNSON R TX 3 2012-04-27 False L000569 Rep. Luetkemeyer, Blaine [R-MO-9] Blaine Luetkemeyer R MO 9 2012-04-27 False H001058 Rep. Huizenga, Bill [R-MI-2] Bill Huizenga R MI 2 2012-04-27 False L000567 Rep. Lance, Leonard [R-NJ-7] Leonard Lance R NJ 7 2012-05-10 False C001062 Rep. Conaway, K. Michael [R-TX-11] K. Conaway R TX Michael 11 2012-05-10 False M001158 Rep. Marchant, Kenny [R-TX-24] Kenny Marchant R TX 24 2012-05-10 False G000546 Rep. Graves, Sam [R-MO-6] SAM GRAVES R MO 6 2012-05-11 False N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2012-05-17 False F000450 Rep. Foxx, Virginia [R-NC-5] Virginia Foxx R NC 5 2012-05-17 False B001262 Rep. Broun, Paul C. [R-GA-10] Paul Broun R GA C. 10 2012-05-17 False B001244 Rep. Bonner, Jo [R-AL-1] Jo Bonner R AL 1 2012-06-21 False S000583 Rep. Smith, Lamar [R-TX-21] LAMAR SMITH R TX 21 2012-06-21 False L000573 Rep. Labrador, Raul R. [R-ID-1] Raul Labrador R ID R. 1 2012-06-21 False W000810 Rep. Woodall, Rob [R-GA-7] Rob Woodall R GA 7 2012-06-26 False J000292 Rep. Johnson, Bill [R-OH-6] Bill Johnson R OH 6 2012-06-26 False L000576 Rep. Long, Billy [R-MO-7] Billy Long R MO 7 2012-08-02 False W000798 Rep. Walberg, Tim [R-MI-7] Tim Walberg R MI 7 2012-12-18 False Economics and Public Finance Administrative law and regulatory procedures Bank accounts, deposits, capital Budget deficits and national debt Congressional oversight Consumer Financial Protection Bureau Consumer affairs Credit and credit markets Economic performance and conditions Executive agency funding and structure Federal Reserve System Government information and archives Government trust funds Inflation and prices International monetary system and foreign exchange Monetary policy Securities Unemployment Economics and Public Finance 00 2012-03-08 Introduced in House 2013-05-02T17:07:23Z Sound Dollar Act of 2012 - Amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System (Board) and the Federal Open Market Committee (FOMC) to: (1) promote the goal of long-term price stability, and (2) establish metrics to evaluate whether long-term price stability is being achieved.

Prescribes procedures for the establishment and evaluation of such metrics.

Directs the Board and the FOMC to: (1) make such information available to the public on a website, and (2) report to Congress each time such metrics are set or revised.

Directs the Board to include in its semiannual report to Congress: (1) the results of the evaluation process, (2) whether the goal of long-term price stability is being met, (3) the main monetary policy instruments and strategy used by the Board and the FOMC to achieve long-term price stability, and (4) an analysis of how the policies of the Board and the FOMC are affecting the foreign exchange rate value of the U.S. dollar.

Directs the Board to clearly articulate its lender-of-last-resort policy.

Revamps FOMC membership to consist of one representative from each of the Federal Reserve banks (in addition to members of the Board).

Directs the FOMC to release meeting transcripts to the public within three years after each meeting.

Redesignates the Department of the Treasury stabilization fund as the Special Drawing Rights Fund. Instructs the Secretary of the Treasury to liquidate all property in the Fund (other than Special Drawing Rights) and to use all such amounts to reduce the public debt.

Limits the availability of the Fund solely to stabilize exchange rates and arrangements. Repeals the authority of the Secretary to deal in U.S. instruments of credit and securities. Permits only Special Drawing Rights to be deposited into the Fund. Requires funds that would otherwise have been deposited into the Fund to be paid, instead, to the Secretary to reduce the public debt.

Amends the FRA to authorize the FOMC, in unusual and exigent circumstances, by the affirmative vote of two-thirds of its members, to grant any Federal Reserve bank emergency authority to buy and sell U.S. debt obligations and revenue bonds in anticipation of the collection of taxes or the receipt of assured revenues by any state or local governmental entity, as well as obligations of, or guaranteed by, a foreign government or agency.

Amends the Consumer Financial Protection Act of 2010 to repeal: (1) funding for the Consumer Financial Protection Bureau (CFPB), and (2) the Bureau of Consumer Financial Protection Fund.

]]> Sound Dollar Act of 2012 Short Titles as Introduced Sound Dollar Act of 2012 Display Title Sound Dollar Act of 2012 Official Title as Introduced To amend the Federal Reserve Act to improve the functioning and transparency of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee, and for other purposes. Introduced in House 2012-03-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4180ih/xml/BILLS-112hr4180ih.xml 2012-05-08 Subcommittee Hearings Held. 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.