H.R. 6690 · 110th Congress
Sound Dollar and Economic Stimulus Act of 2008
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
PoeSponsorNo cosponsors.
Sound Dollar and Economic Stimulus Act of 2008 - Requires the Board of Governors of the Federal Reserve System to: (1) make the value of the U.S. dollar equal to the market value of 0.05 of a troy ounce of gold; and (2) maintain that value at this level.
What it does: CRS summary · Introduced in House · Jul 31, 2008
Sound Dollar and Economic Stimulus Act of 2008 - Requires the Board of Governors of the Federal Reserve System to: (1) make the value of the U.S. dollar equal to the market value of 0.05 of a troy ounce of gold; and (2) maintain that value at this level.
Directs the Board to: (1) conduct open market operations against an explicit target for the price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc.; and (2) not perform such operations 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Sound Dollar and Economic Stimulus Act of 2008
Latest action (Jul 31, 2008): Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and the Budget, 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.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 31, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.