[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2782 Introduced in House (IH)]

  1st Session
                                H. R. 2782

    To amend title 31, United States Code, to limit the use by the 
      President and the Secretary of the Treasury of the Exchange 
Stabilization Fund to buy or sell gold without congressional approval, 
                        and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 17, 2003

   Mr. Paul introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
 Rules, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
    To amend title 31, United States Code, to limit the use by the 
      President and the Secretary of the Treasury of the Exchange 
Stabilization Fund to buy or sell gold without congressional approval, 
                        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 ``Monetary Freedom and Accountability 
Act''.

SEC. 2. LIMITATION ON USE OF EXCHANGE STABILIZATION FUND WITHOUT 
              CONGRESSIONAL APPROVAL.

    Section 5302 of title 31, United States Code, is amended by adding 
at the end the following new subsection:
    ``(e) Limit on Use of Fund Without Congressional Approval.--
            ``(1) In general.--Notwithstanding any other provision of 
        law, the Secretary of the Treasury may not use the Exchange 
        Stabilization Fund to buy, sell, or otherwise interfere in the 
        market for gold for the purpose of affecting, or with the 
        intent to affect, the free market price of gold, without 
        approval from Congress, in the form of the adoption of a joint 
        resolution described in paragraph (3) or other Act of Congress, 
        to engage in any such transaction.
            ``(2) Presenting a request for a joint resolution.--
        Whenever the Secretary of the Treasury determines it 
        appropriate to use the Exchange Stabilization Fund to engage in 
        a transaction described in paragraph (1), the Secretary shall 
        submit a request for approval of such a transaction to the 
        Speaker of the House, the Majority Leader of the Senate, the 
        Chairman and the ranking minority member of the Committee on 
        Financial Services of the House of Representatives, and the 
        Chairman and the ranking minority member of the Committee on 
        Banking, Housing, and Urban Affairs of the Senate.
            ``(3) Joint resolution described.--The joint resolution 
        referred to in paragraph (1) means a joint resolution the 
        matter after the resolving clause of which is as follows: `That 
        the Congress approves the request of the Secretary of the 
        Treasury to use the Exchange Stabilization Fund to engage in 
        any transaction described in the request of the Secretary 
        submitted on                   .', the date of the submission 
        under paragraph (2) being appropriately filled in.
            ``(4) Introduction of joint resolution.--A joint resolution 
        described in paragraph (3) shall be introduced in the House of 
        Representatives on the first legislative day after receipt of 
        the request under paragraph (1).
            ``(5) Discharge of house committee.--If the Committee on 
        Financial Services of the House of Representatives has not 
        reported a joint resolution described in paragraph (3) within 
        10 legislative days after the introduction of the resolution in 
        accordance with paragraph (4), the committee shall be 
        discharged from further consideration and the resolution shall 
        be placed on the appropriate calendar of the House of 
        Representatives.
            ``(6) Expedited procedure.--Subsections (d), (e), and (f) 
        of section 208 of Public Law 100-526 (102 Stat. 2632 et seq.) 
        shall apply with respect to any joint resolution described in 
        paragraph (3) which has been reported by the Committee on 
        Financial Services of the House of Representatives or from 
        which such committee has been discharged from further 
        consideration under paragraph (5).''.
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