Transparency in the
Creation of Wealth Act of 2008
110th CONGRESS
2d Session
H. R. 7260
To increase the quality and public
accessibility of
research by the Board of Governors of the Federal Reserve System on the
effects
of monetary policy on the distribution of wealth in the United States,
and the
proportion of newly created monetary resources directed into various
sectors of
the economy, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
October 3, 2008
Mr.
KUCINICH introduced the following
bill; which
was referred to the Committee on Financial Services
A BILL
To increase the quality and public
accessibility of
research by the Board of Governors of the Federal Reserve System on the
effects
of monetary policy on the distribution of wealth in the United States,
and the
proportion of newly created monetary resources directed into various
sectors of
the economy, and for other purposes.
Be
it enacted by the Senate and House of Representatives of the
SECTION 1. SHORT TITLE.
This
Act may be cited as the `Transparency in the Creation of Wealth Act of
2008'.
SEC. 2. ESTIMATE OF THE OVERALL MONEY SUPPLY.
The
Board of Governors of the Federal Reserve System shall devise,
calculate and
publish a replacement for the discontinued M3 monetary statistic, in
order to
provide a transparent estimate of the nation's total money supply.
SEC. 3. STATISTICAL ESTIMATE OF THE DISTRIBUTION OF WEALTH IN THE UNITED STATES.
The
Board of Governors of the Federal Reserve System shall tabulate and
publish a
statistical description of the current distribution of wealth in the
SEC. 4. CREDIT INSTITUTION SEIGNIORAGE CALCULATION FOR REPORT TO CONGRESS.
The
Board of Governors of the Federal Reserve System shall 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 prior to
extending
the loans.
SEC. 5. CALCULATIONS FOR THE SEMI-ANNUAL HUMPHREY-HAWKINS TESTIMONY.
The
Board of Governors of the Federal Reserve System shall 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
the
Humphrey Hawkins Full Employment and Balanced Growth Act of 1978 (15
U.S.C.
3101 et seq.), including such loss or gain, in income by quintile.
SEC. 6. ACCESSIBLE STATISTICAL COMPARISONS OF WHERE CREDIT IS BEING DIRECTED .
(a)
In General- The Board of Governors of the Federal Reserve System shall
tabulate
and publish data showing the amount of credit and the percentage of
credit now
being created and directed into each of the following:
(1)
Public infrastructure.
(2)
Primary residences.
(3)
Secondary residences.
(4)
Stocks, bonds, commodities.
(5)
Foreign currency and derivatives trading.
(6)
Mergers and acquisitions.
(7)
Education.
(8)
Manufacturing infrastructure.
(9)
Military expenditures.
(b)
Additional Analysis- Each category referred to in a paragraph in
subsection (a)
shall be further analyzed by type, gender, race, wealth status, and
location,
if applicable.
SEC. 7. LAND VALUE CALCULATION FOR THE FLOW OF FUNDS REPORT.
The
Board of Governors of the Federal Reserve System shall develop a
market-based
estimate of the value of residential, corporate and publicly owned land
and
report figures.
SEC. 8. FOREIGN DEBT CALCULATION.
The
Board of Governors of the Federal Reserve System shall make
projections, in 10
year increments, of the net foreign debt, and estimate and report on
the
location of Federal reserve notes, by country and type of holder;
including an
estimate of lost notes.
SEC. 9. GAO AUDIT REQUIREMENT.
Notwithstanding
the requirements, limitations, and exceptions contained in section 714
of title
31, United States Code, the Comptroller General shall conduct a full
audit of
the Federal reserve system in every year before a Presidential election
year.
SEC. 10. IMPROVEMENTS TO THE SURVEY OF CONSUMER FINANCES.
The
Board of Governors of the Federal Reserve System shall undertake the
Survey of
Consumer Finances every year.
SEC. 11. SUMMARIES OF TOTAL CREDIT MARKET DEBT AND ECONOMIC GROWTH.
The
Board of Governors of the Federal Reserve System shall publish a
summary of
total credit market debt, quarterly and annually.
SEC. 12. PUBLIC NOTIFICATION REQUIREMENT.
The
Board of Governors of the Federal Reserve System shall release--
(1)
the statistics required to be compiled by this Act at a quarterly news
conference; and
(2)
the survey of consumer finances and the total credit market debt report
at an
annual news conference.
END