M3 Continuation Bill - HR 4892 IH

[Jeffs47]

Greetings,
I come to you with information on HR 4892 IH, The "Sunshine in Monetary Policy Act." This bill was introduced by Rep. Ron Paul of Texas. I will post the text of the bill below, but it mandates that the Federal Reserve continue to publish M3! As you can imagine, Rep. Paul needs all the support he can get on this bill. I urge you, as well as your friends, supporters, etc, to contact you local Representatives in support of this bill!

Cheers,
Jeff


Sunshine in Monetary Policy Act (Introduced in House)
HR 4892 IH
109th CONGRESS
2d Session
H. R. 4892
To require the Board of Governors of the Federal Reserve System to continue to make available to the public on a weekly basis information on the measure of the M3 monetary aggregate, and its components, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
March 7, 2006
Mr. PAUL (for himself and Mr. JONES of North Carolina) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To require the Board of Governors of the Federal Reserve System to continue to make available to the public on a weekly basis information on the measure of the M3 monetary aggregate, and its components, 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 `Sunshine in Monetary Policy Act'.
SEC. 2. M3 MONETARY AGGREGATE REQUIRED TO BE PUBLISHED WEEKLY.
(a) In General- Notwithstanding the announcement by the Board of Governors of the Federal Reserve System on November 10, 2005, the Board of Governors of the Federal Reserve System shall continue, after March 22, 2006, to compile and to publish on a weekly basis the measure of the M3 monetary aggregate and the components of the M3 that are not included in the measure of the M2 monetary aggregate.
(b) M3 Monetary Aggregate Defined- For purposes of this section, the term `M3 monetary aggregate' means the inclusive measure of money compiled by adding the following:
(1) M1 COMPONENTS- Currency in circulation (plus traveler's checks), demand deposits, Negotiable Order of Withdrawal (NOW) accounts, and similar interest-earning checking account balances.
(2) THE NON-M1 COMPONENTS OF M2- Household holdings of savings deposits, small time deposits, and retail money market mutual fund balances (exclusive of balances held in IRA and Keogh accounts).
(3) THE NON-M2 COMPONENTS OF M3- Institutional money market mutual fund balances and managed liabilities of depositories consisting of large time deposits, repurchase agreements, and Eurodollars.

[mozkill]

does anyone know how to follow up on a bill later and find out whether it had passed or not?

[Ponce Cuba]

One of this days Ron Paul is going to have an "accident", you don't fool around with their money......... a la JFK 11110 ?

[Nina]

He'll slip on his soap.

[mozkill]

Thats a horrible way to go. Ouch!

I tried some searches on that site and it was hard to figure it out. They sure make it difficult dont they?

Ron paul also sponsored bills to remove inheritance taxes and withdrawl from nafta and wto and you could go on and on about some of the craziness...

for example: 13. [109th] H.R.2878 (http://thomas.loc.gov/cgi-bin/bdquery/D?d109:13:./temp/%7EbdOOJ5::%7C/bss/d109query.html%7C): To require the Secretary of the Treasury to redesign $1 Federal reserve notes so as to incorporate the preamble to the Constitution of the United States, a list describing the Articles of the Constitution, and a list describing the Amendments to the Constitution, on the reverse side of such notes.

[bl96S5eu]

If you haven't contacted the sponsor or co-sponsors you should do it.

If you want to read it at the source go here (http://thomas.loc.gov/) and type in m3 in the "Search Bill Text" entry box.

Latest Major Action
Referred to House subcommittee (4/21/2006)

Status
Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.

Co-Sponsors
Rep Duncan, John J., Jr. [TN-2] - 5/1/2006
Rep English, Phil [PA-3] - 6/8/2006
Rep Goode, Virgil H., Jr. [VA-5] - 5/1/2006
Rep Jones, Walter B., Jr. [NC-3] - 3/7/2006

[mozkill]

well, it seems that Bill was stuffed under the rug and its not going anywhere. what kind of justice is this?

<dl><dt>4/21/2006:</dt><dd>Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.</dd></dl>

[GoldWampum]

<dl><dt>4/21/2006:</dt><dd>Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.</dd></dl>

I'm sure there is a good technological answer to this dilemma.

[tinman]

Why would TPTB want to get rid of Ron Paul?

He seems to be doing whats he's supposed to.

[bl96S5eu]

The whole process is like dry heaves, all work and no product.

[alby]

Glad to see a sponsor of the bill is from Virginia. I've already emailed my Congressman in Virginia's 10th District to back the bill. Everybody else should also email or snail mail their congressman to support this bill.