[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7260 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7260

  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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 3, 2008

 Mr. Kucinich introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  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.

    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 ``Transparency in the Creation of 
Wealth Act of 2008''.

SEC. 2. ESTIMATE OF THE OVERALL MONEY SUPPLY.

    The Board of Governors of the Federal Reserve System shall devise, 
calculate and publish a replacement for the discontinued M3 monetary 
statistic, in order to provide a transparent estimate of the nation's 
total money supply.

SEC. 3. STATISTICAL ESTIMATE OF THE DISTRIBUTION OF WEALTH IN THE 
              UNITED STATES.

    The Board of Governors of the Federal Reserve System shall tabulate 
and publish a statistical description of the current distribution of 
wealth in the United States by quintile, including a further 
examination of the uppermost 1% sections by 0.1% each.

SEC. 4. CREDIT INSTITUTION SEIGNIORAGE CALCULATION FOR REPORT TO 
              CONGRESS.

    The Board of Governors of the Federal Reserve System shall 
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 prior to extending the loans.

SEC. 5. CALCULATIONS FOR THE SEMI-ANNUAL HUMPHREY-HAWKINS TESTIMONY.

    The Board of Governors of the Federal Reserve System shall 
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 the Humphrey Hawkins Full Employment and 
Balanced Growth Act of 1978 (15 U.S.C. 3101 et seq.), including such 
loss or gain, in income by quintile.

SEC. 6. ACCESSIBLE STATISTICAL COMPARISONS OF WHERE CREDIT IS BEING 
              DIRECTED .

    (a) In General.--The Board of Governors of the Federal Reserve 
System shall tabulate and publish data showing the amount of credit and 
the percentage of credit now being created and directed into each of 
the following:
            (1) Public infrastructure.
            (2) Primary residences.
            (3) Secondary residences.
            (4) Stocks, bonds, commodities.
            (5) Foreign currency and derivatives trading.
            (6) Mergers and acquisitions.
            (7) Education.
            (8) Manufacturing infrastructure.
            (9) Military expenditures.
    (b) Additional Analysis.--Each category referred to in a paragraph 
in subsection (a) shall be further analyzed by type, gender, race, 
wealth status, and location, if applicable.

SEC. 7. LAND VALUE CALCULATION FOR THE FLOW OF FUNDS REPORT.

    The Board of Governors of the Federal Reserve System shall develop 
a market-based estimate of the value of residential, corporate and 
publicly owned land and report figures.

SEC. 8. FOREIGN DEBT CALCULATION.

    The Board of Governors of the Federal Reserve System shall make 
projections, in 10 year increments, of the net foreign debt, and 
estimate and report on the location of Federal reserve notes, by 
country and type of holder; including an estimate of lost notes.

SEC. 9. GAO AUDIT REQUIREMENT.

    Notwithstanding the requirements, limitations, and exceptions 
contained in section 714 of title 31, United States Code, the 
Comptroller General shall conduct a full audit of the Federal reserve 
system in every year before a Presidential election year.

SEC. 10. IMPROVEMENTS TO THE SURVEY OF CONSUMER FINANCES.

    The Board of Governors of the Federal Reserve System shall 
undertake the Survey of Consumer Finances every year.

SEC. 11. SUMMARIES OF TOTAL CREDIT MARKET DEBT AND ECONOMIC GROWTH.

    The Board of Governors of the Federal Reserve System shall publish 
a summary of total credit market debt, quarterly and annually.

SEC. 12. PUBLIC NOTIFICATION REQUIREMENT.

    The Board of Governors of the Federal Reserve System shall 
release--
            (1) the statistics required to be compiled by this Act at a 
        quarterly news conference; and
            (2) the survey of consumer finances and the total credit 
        market debt report at an annual news conference.
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