H.R. 7260 · 110th Congress
Transparency in the Creation of Wealth Act of 2008
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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.
D
KucinichSponsorNo cosponsors.
Transparency in the Creation of Wealth Act of 2008 - Directs the Board of Governors of the Federal Reserve System to: (1) devise, calculate, and publish a replacement for the discontinued M3 monetary statistic; (2) tabulate and publish a statistical description of the current distribution of wealth in the United States by quintile; (3) calculate and report…
What it does: CRS summary · Introduced in House · Oct 3, 2008
Transparency in the Creation of Wealth Act of 2008 - Directs the Board of Governors of the Federal Reserve System to: (1) devise, calculate, and publish a replacement for the discontinued M3 monetary statistic; (2) tabulate and publish a statistical description of the current distribution of wealth in the United States by quintile; (3) 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 before extending the loans; (4) 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 specified statute; (5) tabulate and publish data showing the amount of credit and the percentage of credit now being created and directed into specified transactions; (6) develop a market-based estimate of the value of residential, corporate and publicly owned land and report figures; and (7) make projections, in ten-year increments, of the net foreign debt, and estimate and report on the location of federal reserve notes, by country and type of holder.
Directs the Comptroller General to conduct a full audit of the Federal Reserve System in every year before a presidential election year.
Directs the Board to: (1) publish a quarterly and annual summary of total credit market debt; (2) release the statistics required to be compiled by this Act at a quarterly news conference; and (3) the survey of consumer finances and the total credit market debt report at an annual news conference.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Transparency in the Creation of Wealth Act of 2008
Latest action (Oct 3, 2008): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Oct 3, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.