A bill to amend the Congressional Budget Act of 1974 and the Budget and Accounting Act, 1921, to direct the Federal Reserve Board to increase the money stock at an annual rate not to exceed the historic growth rate of the real gross national product, to bring the activities of the Federal Finance Bank and other off-budget entities within the unified budget, to eliminate budget deficits, to limit the levels of total budget outlays, and to allow for the gradual elimination of the public debt.

Summary

Title I: Growth of Money Supply - Amends the Federal Reserve Act to govern all purchases and sales of paper with a view to maintain a constant level of domestic prices and avoid destabilizing changes in total purchasing power. Limits the growth in the money supply at an amount of not more than 3.5 percent per year. Provides a procedure for an additional one percent increase which shall go into effect unless vetoed, within 90 days after publication in the Federal Register, by a concurrent resolution passed by both Houses of Congress. Title II: Off-Budget Federal Entities - Amends the Rural Electrification Act of 1936, and the Regional Rail Reorganization Act of 1973 to bring their fiscal activities within the Federal budget. Provides that all transactions of the Postal Service Fund, The Federal Financing Bank, and the United States Synthetic Fuels Corporation shall be included in the totals of the unified budget. Title III: Expenditures May Not Exceed Revenues - Amends the Congressional Budget Act of 1974 to prohibit Federal expenditures during any fiscal year from exceeding revenues for that year. Prohibits Congress from authorizing budget authority in excess of revenues except in time of declared war or upon the adoption of a concurrent resolution which passed each House by the vote of at least two-thirds of the members present and voting. Title IV: Limitation on Total Budget Outlays - Amends the Congressional Budget Act to prohibit either House from adopting the first concurrent resolution on the budget for any fiscal year if the level of budget for any fiscal year if the budget outlays contained in it exceed for the fiscal year an amount equal to 20 percent of the estimated gross national product. Allows the President and the House and Senate to agree to suspend such requirement. Title V: Retirement of the Public Debt - Expresses the sense of Congress that, after the adoption of the first concurrent resolution on the budget for any fiscal year with respect to which expenditures by the United States government are not in excess of its revenues for that year, the public debt of the United States should be systematically retired by the Board of governors of the Federal Reserve System acting through the Federal Open Market Committee. Title VI: Effective Dates - Establishes effective dates for the titles in this Act.

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1 official file

• Introduced in House

  summary · EN · 25 May 1982

  Open at official source

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