[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5510 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 5510

To convert from a convoluted and costly system for issuing circulating 
 currency that requires an enormous amount of debt and annual interest 
  to a more logical system that does not involve debt or interest in 
  connection with the issuance of circulating currency, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 19, 2000

Mr. Metcalf (for himself, Ms. Waters, and Mr. Traficant) introduced the 
  following bill; which was referred to the Committee on Banking and 
                           Financial Services

_______________________________________________________________________

                                 A BILL


 
To convert from a convoluted and costly system for issuing circulating 
 currency that requires an enormous amount of debt and annual interest 
  to a more logical system that does not involve debt or interest in 
  connection with the issuance of circulating currency, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Circulating Currency Simplification 
and Cost-saving Act''.

SEC. 2. CIRCULATING CURRENCY SIMPLIFICATION.

    (a) In General.--All Federal reserve notes issued by the Board of 
Governors of the Federal Reserve System under section 16 of the Federal 
Reserve Act shall be the obligation of the United States and shall be 
deemed to be United States currency notes.
    (b) Transfer of Assets and Liabilities to the United States.--All 
assets and liabilities of the Board of Governors of the Federal Reserve 
System accruing in connection with, or as a result of, the issuance of 
Federal reserve notes referred to in subsection (a) shall be 
transferred to the Secretary of the Treasury and shall be the assets 
and liabilities of the United States.
                                 <all>