Home > 106th Congressional Bills > H.R. 5511 (ih) To amend the Food Security Act of 1985 to establish the conservation security program. [Introduced in House] ...
H.R. 5511 (ih) To amend the Food Security Act of 1985 to establish the conservation security program. [Introduced in House] ...
106th CONGRESS
2d Session
H. R. 5510
To convert from a convoluted and costly system for issuing circulating
currency that requires an enormous amount of debt and annual interest
to a more logical system that does not involve debt or interest in
connection with the issuance of circulating currency, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 19, 2000
Mr. Metcalf (for himself, Ms. Waters, and Mr. Traficant) introduced the
following bill; which was referred to the Committee on Banking and
Financial Services
_______________________________________________________________________
A BILL
To convert from a convoluted and costly system for issuing circulating
currency that requires an enormous amount of debt and annual interest
to a more logical system that does not involve debt or interest in
connection with the issuance of circulating currency, 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 ``Circulating Currency Simplification
and Cost-saving Act''.
SEC. 2. CIRCULATING CURRENCY SIMPLIFICATION.
(a) In General.--All Federal reserve notes issued by the Board of
Governors of the Federal Reserve System under section 16 of the Federal
Reserve Act shall be the obligation of the United States and shall be
deemed to be United States currency notes.
(b) Transfer of Assets and Liabilities to the United States.--All
assets and liabilities of the Board of Governors of the Federal Reserve
System accruing in connection with, or as a result of, the issuance of
Federal reserve notes referred to in subsection (a) shall be
transferred to the Secretary of the Treasury and shall be the assets
and liabilities of the United States.
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