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Rep. Bethune, Ed [R-AR-2]

United States · Official source

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  • · House of Representatives · present
  • R · R · present

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Bill· HRH.R. 6165 (98th)referred

Fair and Simple Tax Act of 1984

United States · United States Congress · 10 August 1984

Fair and Simple Tax Act of 1984 - Title I: Reduction of Individual and Corporate Tax Rates - Subtitle A: Reduction of Rates - Amends the Internal Revenue Code to revise individual tax rates. Imposes a tax rate of 25 percent on the taxable income of every individual. Imposes a tax rate of 15 percent on corporate income which does not exceed $50,000 and a tax rate of 30 percent on corporate income exceeding $50,000. Subtitle B: Increase in Amount of Personal Exemption and Zero Bracket Amount - Increases the amount of the personal exemption to $2,000. Increases the zero bracket amount to $2,700 for single taxpayers and $3,500 for a joint return or surviving spouse. Provides for an annual adjustment in the personal exemption and the zero bracket amount by a cost-of-living adjustment based on the Consumer Price Index. Repeals the exemption for dependents who are students over the age of 18. Subtitle C: Employment Income Exclusion Established - Allows an individual taxpayer to exclude 20 percent of the amount received during the taxable year by such individual as employment income. Provides that the exclusion shall be phased out when the individual's wages and salaries exceed the Federal Insurance Compensation Act's maximum wage base for the calendar year. Excludes all of an individual's employment income where the employment income for the taxable year is $10,000 or less ($15,000 or less in the case of a joint return). Provides for an annual adjustment in the employment income exclusion by a cost-of-living adjustment based on the Consumer Price Index. Subtitle D: Repeals Related to Reduction in Rates - Repeals provisions relating to: (1) tax tables for individuals; (2) special averaging rules for lump-sum distributions; (3) accumulated corporate surplus; (4) personal holding companies; (5) income averaging; and (6) graduated corporate tax rates. Applies the trust throwback rules only to amounts distributed from a foreign trust. Title II: Base Broadening - Subtitle A: Credits - Repeals the following income tax credits: (1) the credit for household and dependent care services; (2) the credit for the elderly and the permanently and totally disabled; (3) the residential energy credit; (4) the credit for contributions to candidates for public office; (5) the credit for clinical testing expenses for certain drugs; (6) the credit for producing fuel from nonconventional sources; (7) the credit for increasing research activities; (8) the credit for work incentive expenses; (9) the credit for alcohol used as fuel; (10) the employee stock ownership credit; (11) the general tax credit; (12) the investment credit for depreciable property; and (13) the credit for employment of certain new employees. Subtitle B: Exclusions - Repeals the tax exclusion for: (1) compensation for injuries or sickness; (2) dividends received by individuals; (3) amounts received under qualified group legal service plans; (4) qualified transportation furnished by employer; (5) dividend reinvestment in public utilities; and (6) payments to encourage exploration, development, and mining for defense purposes. Reduces the maximum amount of the earned income credit from $5,000 to $4,000. Provides for an annual adjustment in the earned income credit by a cost-of-living adjustment based on the Consumer Price Index. Treats as taxable income: (1) unemployment compensation; (2) the annual increase in the cash surrender value of life insurance policies; and (3) interest on industrial development bonds and mortgage subsidy bonds. Provides that the transfer of a corporation's stock in satisfaction of indebtedness will be treated as having satisfied the indebtedness with money equal to the fair market value of the stock. Provides a limited exclusion from income for scholarships and fellowships. Amends the Merchant Marine Act to repeal the tax exemption for deposits into, and withdrawals from, a capital construction fund. Excludes the first $7,000 ($10,500 for a joint return) of Social Security benefits from gross income. Provides that no more than one-half of Social Security benefits may be includible in taxable income. Subtitle C: Deductions - Repeals the tax deductions for: (1) casualty and theft losses; (2) unused business credits; and (3) two-earner married couples. Repeals the deduction for State and local income taxes. Raises the floor on the deduction for medical and dental expenses from five to ten percent. Repeals the deduction for consumer interest. Subtitle D: Adjustment to Basis; Changes in Certain Special Capital Gains Treatment Provisions - Allows an inflation adjustment, based on the gross national product deflator, to the adjusted basis of capital assets which have been held for more than one year at the time of sale or exchange solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditor's interest; (2) options; (3) net lease property in the case of the lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations and certain foreign corporations. Allows the Secretary of the Treasury to disallow all or part of an adjustment where there was a transfer to increase the inflation adjustment or depreciation allowance. Reduces the alternative tax rate for corporations from 28 to 20 percent. Repeals the deduction for individuals for capital gains. Phases out the limitation on the deduction of capital losses by individuals over a ten-year period, with full deductibility of such losses after 1994. Provides that capital loss deductions shall be treated as tax preference items subject to the minimum tax. Permits the carryover of the excess of capital losses over gross income by individuals. Makes applicable only to corporations the rules for capital gains and losses relating to: (1) the sale of land with unharvested crop; (2) the disposal of coal or domestic iron ore; (3) gain or loss in the case of timber, coal, or domestic iron ore; (4) distribution of property; (5) collapsible partnerships; (6) property used in the trade or business and involuntary conversions; (7) the sale or exchange of patents; (8) amortization in excess of depreciation; (9) gain from the sale of depreciable property between certain related taxpayers; (10) gain from dispositions of certain depreciable property; (11) gain on foreign investment company stock; (12) the election by foreign investment companies to distribute income currently; (13) gain from certain sales or exchanges of stock in certain foreign corporations; (14) gain from certain sales or exchanges of patents, etc., to foreign corporations; (15) gain from disposition of certain depreciable realty; (16) gain from disposition of farm land; (17) gain from disposition of interest in oil, gas, or geothermal property; and (18) gain from disposition of property acquired with certain cost-sharing payments. Provides a transition period of ten-years, beginning on January 1, 1985, in which a taxpayer may elect to not apply the inflation adjustment to the basis of capital assets for purposes of determining capital gain or loss. Provides that when such election is made, 25 percent of any gain from the sale or disposition of such asset shall be excludible from gross income and 25 percent of any loss shall not be deductible. Title III: Capital Cost Recovery - Subtitle A: Simplified Cost Recovery System for Depletable Property - Allows individuals and corporations a depletion deduction for qualified depletable property equal to an applicable percentage determined by the cost recovery tables for cost recovery property. Requires that qualified depletable property be assigned to one class of recovery property. Uses the anticipated productive life of such depletable property (rather than the present class life as provided under current law) for making the assignment. Assigns oil, gas wells or wells drilled for any geothermal deposit to the class of three year property. Provides that these rules shall not deny any deduction allowable for loss sustained by reason of the abandonment of a nonproductive well or mine. Subtitle B: Other Changes - Repeals the income tax deductions for: (1) research and experimental expenditures; (2) soil and water conservation expenditures; (3) depreciation or amortization of improvements made by a lessee on a lessor's property; (4) expenditures by farmers for clearing land; (5) amortization of reforestation expenditures; (6) start-up expenditures; (7) intangible drilling and development costs in the case of oil and gas wells and geothermal wells; (8) percentage depletion; (9) development expenditures; and (10) deduction and recapture of certain mining exploration expenditures. Allows a ten-year period for the amortization of construction period interest and taxes. Allows a deduction for circulation expenses for a newspaper, magazine, or other periodical ratably over a five-year period. Excludes amounts chargeable to a capital account from such treatment. Title IV: Miscellaneous Provisions - Subtitle A: Foreign Income - Repeals the domestic international sales corporations (DISC) provisions for taxable years beginning after December 31, 1984. Subtitle B: Other Miscellaneous Provisions - Requires farmers to compute their taxable income using the accrual method of accounting with the capitalization of preproduction expenses. Exempts taxpayers who do not have gross receipts of $1,000,000. Requires farming syndicates to use the accrual method of accounting without regard to gross receipts. Requires the recognition of the gain or loss on distributions of property by corporations. Eliminates the special bad debt reserves of financial institutions. Reduces the percentage by which Social Security benefits must be reduced for income earned above certain amounts. Repeals the earnings reduction test for taxable years beginning after December 31, 1989. Title V: Effective Dates - Sets forth the effective dates of the provisions of this Act.

Bill· HRH.R. 6114 (98th)referred

Federal Election Campaign Act Amendments of 1984

United States · United States Congress · 9 August 1984

Federal Election Campaign Act Amendments of 1984 - Amends the Federal Election Campaign Act of 1971 to require labor organizations to report to the Federal Election Commission expenditures for: (1) communications to their membership regarding the election of clearly identified candidates; (2) voter registration and get-out-the-vote drives directed towards their members; and (3) contributions to a segregated fund for political purposes.

Bill· HRH.R. 6021 (98th)referred

A bill to repeal the changes made by the Tax Reform Act of 1984 with respect to the tax treatment of debt instruments issued for property.

United States · United States Congress · 25 July 1984

Amends the Internal Revenue Code to repeal rules relating to the determination of the issue price of certain debt instruments issued for property. Amends the Tax Reform Act of 1984 to repeal the revisions made to rules for the imputation of interest on certain deferred payments. Provides that the Internal Revenue Code shall be applied and administered as if such revisions had not been enacted.

Resolution· HCONRESH.Con.Res. 332 (98th)passed

A concurrent resolution expressing the sense of the Congress that the Union of Soviet Socialist Republics should provide the signatories of the Helsinki Final Act with specific information as to the whereabouts, health, and legal status of Andrei Sakharov and Yelena Bonner.

United States · United States Congress · 28 June 1984

Expresses the sense of the Congress that in light of the Helsinki Final Act of the Conference on Security and Cooperation in Europe and other specified human rights agreements, the Soviet Union should: (1) provide the signatories of the Helsinki Final Act with information on the whereabouts, health, and legal status of Andrei Sakharov and Yelena Bonner; (2) void all charges against Yelena Bonner and issue her an exit visa in order to obtain medical care outside of the Soviet Union; and (3) allow them to live in the country of their choice. Urges the President to: (1) protest the Soviet Government's continued refusal to provide such information and to issue Yelena Bonner an exits visa; and (2) call upon all other signatory nations of the Helsinki Final Act to join in such protests.

Bill· HRH.R. 5909 (98th)referred

Public School Civil Rights Act of 1984

United States · United States Congress · 21 June 1984

Public School Civil Rights Act of 1984 - Eliminates inferior Federal court jurisdiction to issue any order requiring the assignment or transportation of students to public schools on the basis of race, color, or national origin. Permits individuals and school boards to seek relief from court orders made prior to this Act unless the court makes certain findings, including: (1) that the acts giving rise to the order intentionally and specifically caused the segregation; (2) that no other remedy would work; and (3) that the benefits of the order outweigh its economic, social, and educational costs. Lists remedies which remain available for unconstitutional segregation.

Bill· HRH.R. 5893 (98th)referred

Synthetic Fuels Reform and Budget Reduction Act

United States · United States Congress · 19 June 1984

Synthetic Fuels Reform and Budget Reduction Act - Provides that, except as provided below, all funds in the Energy Security Reserve shall be deposited in the Treasury and shall not be available for obligation with respect to synthetic fuels projects. Sets aside $500,000,000 of the funds in the Reserve to be made available to the Secretary of Energy to carry out a five-year program for the advanced research and development of coal utilization technologies. Provides that $2,500,000,000 which shall be available for obligations by the United States Synthetic Fuels Corporation in accordance with this Act and with the Energy Security Act, plus the funds necessary to meet obligations with respect to binding commitments entered into before enactment of this Act and still in effect, shall be retained in the Reserve. Requires the Corporation to submit for congressional approval a proposed comprehensive strategy to achieve the national synthetic production goal established under the United States Synthetic Fuels Corporation Act of 1980. Requires that such strategy be submitted within a specified time period. Requires that such strategy include a financial or investment prospectus justifying the proposed obligation of amounts retained in the Reserve for synthetic fuels projects. Permits such obligations only after the proposed strategy has been approved by joint resolution. Amends the United States Synthetic Fuels Corporation Act of 1980 to provide that the Administrative Procedure Act, the Freedom of Information Act, the Government in the Sunshine Act, and Federal law relating to disclosure of confidential information shall apply to the Corporation as if it were a Federal agency. Requires the Board of Directors of the Corporation to fix the compensation of Corporation officers and other employee categories in accordance with the Executive Schedule and the General Schedule. (Under current law, the Board must take the Executive and General Schedules into consideration in fixing such compensation.) Requires the Board of Directors, the Secretary of Energy, and the Administrator of the Environmental Protection Agency to agree on a Memorandum of Understanding establishing a program for monitoring and accumulating data with respect to the technical performance, environmental and socioeconomic impacts, and economic viability of projects funded by the Corporation. Provides that contracts for financial assistance shall require the financial assistance recipient to develop a plan ensuring full cooperation with such program. Changes the date on which the Corporation shall terminate from September 30, 1997, to June 30, 1987. Provides that the liquidation of the Corporation and the winding up of its affairs shall be transferred to the Secretary of the Treasury, the Secretary of Energy, and the Administrator of the Environmental Protection Agency jointly in accordance with a Memorandum of Understanding agreed to by them if the Board of Directors of the Corporation has not completed the termination of the Corporation's affairs and its liquidation by the termination date. (Under current law, such duties are to be transferred to the Secretary of the Treasury only.)

Bill· HRH.R. 5848 (98th)referred

A bill to amend the Housing and Community Development Act of 1974 to prohibit the consideration of the age of housing in determining area eligibility and project selection under the urban development action grant program.

United States · United States Congress · 14 June 1984

Amends the Housing and Community Development Act of 1974 to prohibit the consideration of the age of housing in determining area eligibility and project selection under the urban development action grant program.

Resolution· HRESH.Res. 518 (98th)referred

Sunshine Resolution of 1984

United States · United States Congress · 6 June 1984

Sunshine Resolution of 1984 - Amends Rule XXVIII of the Rules of the House of Representatives to provide that, after the approval of any matter, House conferees shall be entitled to three days in which to file supplemental, minority, or additional views. Establishes Rule LI which requires the Speaker of the House to provide for printing of the floor schedule in the Congressional Record at least two legislative days in advance. Amends Rule XXVII to require the printing in the Record of the names of Members who have signed, or withdrawn a signature to, a motion to discharge a committee from consideration of a bill or resolution, whenever 100 Members have signed such a motion. Amends Rule I to require the broadcasting system to include frequent, wide-angle visual coverage of the chamber when the House is in session. Amends Rule X to provide for the compilation of an oversight agenda resolution. Requires the House to complete action on such resolution within 100 days after the Congress convenes. Amends Rule XI to prohibit proxy voting in committees. Establishes Rule LII which requires the body of the Congressional Record for the House to contain an accurate and verbatim account of remarks actually delivered on the floor. Limits extension and revision of remarks delivered on the floor to the correction of grammatical and typographical errors. Authorizes Members, by unanimous consent, to make insertions of remarks not actually delivered on the floor and requires such insertions to be clearly distinguished from verbatim remarks. Amends Rule X to require committee ratios to reflect the majority to minority party ratio in the House.

Resolution· HCONRESH.Con.Res. 315 (98th)referred

A concurrent resolution expressing the sense of the Congress that the television and radio networks and stations broadcasting coverage of the XXIII Olympiad include announcements or other informational programming to discourage drug and alcohol abuse by young people.

United States · United States Congress · 31 May 1984

Expresses the sense of Congress that television and radio networks and stations broadcasting coverage of the XXIII Olympiad should include public service announcements or other informational programming warning young people of the dangers of alcohol and drug abuse.

Bill· HRH.R. 5671 (98th)open

A bill to increase revenues to counties from receipts from the national forests, and for other purposes.

United States · United States Congress · 17 May 1984

Title I: County Revenue Enhancement Act - Amends Federal law to increase from 25 percent to 35 percent the portion of all moneys received from national forests which the Secretary of the Treasury is required to pay to the States in which such forests are situated. Directs the Secretary of Agriculture to pay after the end of each fiscal year 35 percent (currently 25 percent) of the net revenues received from the use of specified lands to the counties in which such lands are located. Repeals the requirement that 10 percent of revenues received from national forests during each fiscal year shall be earmarked for roads and trails within the national forests in States from which such revenues are received. Limits the total expenditures earmarked for fiscal year 1985 for the construction of forest development roads by the Forest Service. Limits the total mileage upon which such construction may begin. Directs the Comptroller General to report to the Congress upon the results of a study regarding the adequacy of forest development roads within the National Forest System in meeting the needs of timber purchasers and the Forest Service. Title II: Federal Oil and Gas Leasing Act of 1984 - Amends the Mineral Leasing Act of 1920 to authorize the Secretary of the Interior (the Secretary) to lease onshore Federal lands for oil and gas developments. Restricts such leasing to competitive bidding. Requires the Secretary to invite the public to propose onshore Federal lands for oil or gas development leasing purposes at least once each quarter of each fiscal year. Prescribes criteria under which the Secretary must offer lands for leasing. Requires the Secretary to hold oil and gas lease sales in those States in which the public proposed two or more onshore Federal lands for leasing. Limits the amount of acreage the Secretary may lease. Sets each lease at a primary term of five years. Conditions the issuance of such a lease upon specified rental payments. Precludes actions taken by the Secretary regarding leases from being considered major Federal actions for purposes of the National Environmental Policy Act of 1969.

Bill· HRH.R. 5533 (98th)referred

Fair and Simple Tax Act of 1984

United States · United States Congress · 26 April 1984

Fair and Simple Tax Act of 1984 - Title I: Reduction of Individual and Corporate Tax Rates - Subtitle A: Reduction of Rates - Amends the Internal Revenue Code to revise individual tax rates. Imposes a tax rate of 25 percent on the taxable income of every individual. Imposes a tax rate of 15 percent on corporate income which does not exceed $50,000 and a tax rate of 30 percent on corporate income exceeding $50,000. Subtitle B: Increase in Amount of Personal Exemption and Zero Bracket Amount - Increases the amount of the personal exemption to $2,000. Increases the "zero bracket amount" to $2,700 for single taxpayers and $3,500 for a joint return or surviving spouse. Provides for an annual adjustment in the "zero bracket amount" by a cost-of-living adjustment based on the Consumer Price Index. Subtitle C: Employment Income Exclusion Established - Allows an individual taxpayer to exclude 20 percent of the amount received during the taxable year by such individual as employment income. Provides that the exclusion is phased out when the individual's wages and salaries exceed the Federal Insurance Contributions Act maximum wage base for the calendar year. Excludes all of an individual's employment income where the employment income for the taxable year is $10,000 or less ($20,000 or less in the case of a joint return). Subtitle D: Repeals Related to Reduction in Rates - Repeals provisions relating to: (1) tax tables for individuals; (2) personal service corporations; (3) special averaging rules for lump-sum distributions; (4) accumulated corporate surplus; (5) personal holding companies; (6) income averaging; and (7) graduated corporate tax rates. Applies the trust throwback rules only to amounts distributed from a foreign trust. Title II: Base Broadening - Subtitle A: Credits - Repeals the general tax credit, the investment tax credit, and the income tax credits relating to: (1) the elderly and the permanently and totally disabled; (2) investments in certain depreciable property; (3) work incentive expenses; (4) contributions to candidates for public office; (5) home purchases; (6) expenses for household and dependent care services necessary for gainful employment; (7) employment of certain new employees; (8) residential energy credit; (9) producing fuel from a nonconventional source; (10) alcohol used as fuel; (11) research activities; (12) employee stock ownership credit; and (13) clinical testing for certain drugs. Subtitle B: Exclusions - Repeals the tax exclusion for: (1) compensation for injuries or sickness; (2) amounts received under accident and health plans; (3) partial exclusion of dividends received by individuals; (4) amounts received under qualified group legal service plans; (5) qualified transportation furnished by an employer; (6) dividend reinvestment in public utilities; (7) partial exclusion of interest as in effect in 1985; and (8) payments to encourage exploration, development, and mining for defense purposes. Reduces the maximum amount of the earned income credit from $5,000 to $4,000. Treats as taxable income: (1) unemployment compensation; (2) the annual increase in the cash surrender value of life insurance policies; and (3) interest on industrial development bonds and mortgage subsidy bonds. Provides that the transfer of a corporation's stock in satisfaction of indebtedness will be treated as having satisfied the indebtedness with money equal to the fair market value of the stock. Provides a limited exclusion from income for scholarships and fellowships. Amends the Merchant Marine Act to repeal the tax exemption for deposits into, and withdrawals from, a capital construction fund. Subtitle C: Deductions - Repeals the tax deductions for: (1) the additional exemption for the elderly and the blind; (2) unused investment credits; (3) two-earner married couples; and (4) adoption expenses. Provides that the deduction for losses shall be limited to capital losses. Increases the floor on the deduction for medical and dental expenses from five to 10 percent. Subtitle D: Adjustment to Basis; Changes in Certain Special Capital Gains Treatment Provisions - Allows an inflation adjustment, based on the gross national product deflator, to the adjusted basis of capital assets which have been held for more than one year at the time of sale or exchange solely for the purpose of determining gain or loss on such assets. Excludes from such treatment: (1) creditor's interest; (2) options; (3) net lease property in the case of the lessor; (4) preferred stock with fixed dividends; and (5) stock in small business corporations and certain foreign corporations. Allows the Secretary of the Treasury to disallow all or part of an adjustment where there was a transfer to increase the inflation adjustment or depreciation allowance. Reduces the alternative tax rate for corporations from 28 to 20 percent. Repeals the deduction for individuals for capital gains. Repeals the limitation on the deduction of capital losses by individuals. Permits the carryover of the excess of capital losses over gross income by individuals. Applies the rules for capital gains and losses only to corporations relating to: (1) the sale of land with an unharvested crop; (2) the disposal of coal or domestic iron ore; (3) the gain or loss in the case of timber, coal, or domestic iron ore; (4) the distribution of property; (5) collapsible partnerships; (6) property used in the trade or business and involuntary conversions; (7) the sale or exchange of patents; (8) amortization in excess of depreciation; (9) gain from the sale of depreciable property between certain related taxpayers; (10) gain from dispositions of certain depreciable property; (11) gain on foreign investment company stock; (12) an election by foreign investment companies to distribute income currently; (13) gain from certain sales or exchanges of stock in certain foreign corporations; (14) gain from certain sales or exchanges of patents, etc., to foreign corporations; (15) gain from disposition of certain depreciable realty; (16) gain from disposition of property used in farming where farm losses offset nonfarm income; (17) gain from disposition of farm land; (18) gain from disposition of interest in oil, gas, or geothermal property; and (19) gain from disposition of property acquired with certain cost-sharing payments. Provides a transition period of ten years beginning January 1, 1985, in which a taxpayer may elect to not apply the inflation adjustment to the basis of capital assets for purposes of determining capital gain or loss. Provides that when such election is made, 25 percent of any gain from the sale or disposition of such asset shall be excludible from gross income, or 25 percent of any loss shall not be deductible. Title III: Capital Cost Recovery - Subtitle A: Simplified Cost Recovery System for Depletable Property - Allows individuals and corporations a depletion deduction for qualified depletable property equal to an applicable percentage determined by the cost recovery tables for cost recovery property. Requires qualified depletable property be assigned to one class of recovery property. Uses the anticipated productive life of such depletable property, rather than the present class life, for making the assignment. Assigns oil, gas wells, or wells drilled for any geothermal deposit to the class of three year property. Provides that these rules shall not deny any deduction allowable for loss sustained by reason of the abandonment of a nonproductive well or mine. Subtitle B: Other Changes - Repeals the income tax deductions for: (1) research and experimental expenditures; (2) soil and water conservation expenditures; (3) depreciation or amortization of improvements made by a lessee on a lessor's property; (4) expenditures by farmers for clearing land; (5) amortization of reforestation expenditures; (6) start-up expenditures; (7) intangible drilling and development costs in the case of oil and gas wells and geothermal wells; (8) percentage depletion; (9) development expenditures; and (10) deduction and recapture of certain mining exploration expenditures. Allows a ten year period for the amortization of construction period interest and taxes. Allows a deduction for circulation expenses for a newspaper, magazine, or other periodical ratably over a five-year period. Excludes amounts chargable to a capital account from such treatment. Title IV: Miscellaneous Provisions - Subtitle A: Foreign Income - Repeals the domestic international sales corporations (DISC) provisions for taxable years beginning after December 31, 1984. Subtitle B: Other Miscellaneous Provisions - Requires farmers to compute their taxable income using the accrual method of accounting with the capitalization of preproduction expenses. Exempts taxpayers who do not have gross receipts of $1,000,000. Requires farming syndicates to use the accrual method of accounting without regard to gross receipts. Requires the recognition of the gain or loss on distributions of property by corporations. Eliminates the special bad debt reserves of financial institutions. Title V: Effective Dates - Sets forth the effective dates of the provisions of this Act.

Bill· HRH.R. 5460 (98th)referred

Balanced Monetary Policy and Price Stability Act of 1984

United States · United States Congress · 12 April 1984

Balanced Monetary Policy and Price Stability Act of 1984 - Amends the Federal Reserve Act to make it the policy of the Federal Open Market Committee to maintain low interest rates and stable exchange rates, and to encourage strong economic growth, to the extent that such policy is consistent with long-term price stability. Requires the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury to develop a price index to assist the Committee in establishing intermediate targets for the conduct of monetary policy. Requires the Chairman and the Secretary to establish a target range for such price index which will not result in a decline in the general level of prices. Requires the Committee, if the price index rises above such target range, to restrict the availability of bank reserves, or raise their cost, or both, and if the index falls below the target to increase the availability of bank reserves, or reduce their cost, or both. Permits a new target range to be set after a declaration of the existence of extraordinary circumstances by the Chairman and the Secretary. Repeals the requirements of such Act concerning the targeting of monetary aggregates. Directs the Secretary to seek the establishment of an international advisory task force, and ultimately an international monetary conference, consisting of representatives of the major industrial nations. Declares the purposes of such task force and conference to be: (1) the improvement of price stability throughout the world; (2) the improvement of the stability of currency exchange rates; and (3) the improvement of the prospects for liberal trade and strong noninflationary economic growth.

Bill· HRH.R. 5459 (98th)referred

Federal Reserve Reform Act of 1984

United States · United States Congress · 12 April 1984

Federal Reserve Reform Act of 1984 - Amends the Federal Reserve Act to place the Secretary of the Treasury on the Federal Open Market Committee. Changes the term of office of the Chairman of the Board of Governors of the Federal Reserve System from four years to the period ending on January 31 of the first calendar year beginning after the calendar year during which the term of the President who appointed the Chairman is scheduled to expire. Provides that in the event of the absence or unavailability of the chairman, the vice chairman (or in the vice chairman's absence another member of the Board) may be designated acting chairman. Provides that the vice chairman shall perform the duties of the chairman until a successor is appointed in the event of the chairman's death or resignation. Provides that in the case of the death or resignation of the chairman and the vice chairman or a vacancy in both offices, the member of the Board with the most years of service shall perform the duties of the chairman until a successor is appointed. Changes from 14 years to seven years the term of office of members of the Federal Reserve Board. Requires each change, of any nature whatsoever, in the intermediate targets for monetary policy that is adopted by the Federal Open Market Committee to be disclosed to the public on the date of adoption. Defines "intermediate targets" as any policy objectives regarding monetary aggregates, credit aggregates, prices, interest rates, or bank reserves.

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