I 112th CONGRESS 1st Session H. R. 2768 IN THE HOUSE OF REPRESENTATIVES August 1, 2011 Mr. Paul introduced the following bill; which was referred to the Committee on Ways and Means A BILL To cancel public debt held by the Federal Reserve System and to lower the public debt limit by an equal amount.

1.

Short title

This Act may be cited as the Debt Crisis Resolution Act of 2011.

2.

Cancellation of public debt held by the Federal Reserve System

(a)

Canceling of debt

The Secretary of the Treasury shall cancel all obligations of the United States Government issued under chapter 31 of title 31, United States Code, that are held by the Federal Reserve System.