Summary: H.R.1576 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for H.R.1576. Bill summaries are authored by CRS.

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Introduced in House (04/16/2013)

Dollar Bill Act of 2013 - Directs the Board of Governors of the Federal Reserve System (Board) to: (1) designate a "Target Week"; (2) employ a random process to select a specific day, hour, minute, and second during such Target Week as "Target Moment" (which shall not be publicly disclosed); (3) make the value of the U.S. dollar at the Target Moment equal to the price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc.; and (4) maintain the value of the U.S. dollar within plus or minus 2% of such price ("Target Range") thereafter.

Instructs the Board maintain the value of the United States dollar within the Target Range directly, via open market operations, and not indirectly, as in the current practice of targeting the Federal Funds rate.

Requires the Board to use its banking and bank regulatory powers to maintain and promote stable and effective financial markets during and after the transition to a defined value for the U.S. dollar.

Entitles all entities that depreciate capital assets for tax purposes to 100% expensing of all capital investment for tax purposes in the year that the investment is made.

Requires the Congressional Budget Office (CBO), in addition to the scoring CBO will do of the tax changes provided in this Act, to calculate the impact on federal revenues on a present value basis.

Amends the Federal Reserve Act to remove Federal Reserve Bank authority to pay earnings on reserves.