Description: TO AGREE TO THE CONFERENCE REPORT ON H.R. 6912, A BILL TO AMEND THE PAR VALUE MODIFICATION ACT.
Bill summary: (LATEST SUMMARY)
Authorizes and directs the Secretary of the Treasury to take steps necessary to establish a new par value of the dollar of $1 equals 0.828948 Special Drawing Right or the equivalent in terms of gold, of forty-two and two-ninths dollars per fine troy ounce of gold.
Provides for the repeal of those provisions in the Gold Reserve Act relating to the titles and acquisition of gold. States that no provision of any law in effect on the date of enactment of this Act, and no rule,
regulation, or order under authority of any such law, may be construed to prohibit any person from purchasing, holding, selling, or otherwise dealing with gold.
States that this Act shall take effect when the President finds and reports to the Congress that international monetary reform shall have proceeded to the point where elimination of regulations on private ownership of gold will not adversely affect the United States international monetary position.
States that the Congress finds that: (1) mobile capital can have a significant impact on the proper functioning of the international monetary system; and (2) it is important to have complete data on the nature of these capital flows, including transactions by large United States business enterprises and their foreign affiliates.
Directs the Secretary of the Treasury to require reports and foreign currency transactions that will provide such data on foreign currency for those who fail to submit such data.
Provides a civil penalty of $10,000 and authorizes the Secretary to seek injunctive relief for violations of this Act.
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Bill titles: A bill to amend the Par Value Modification Act, and for other purposes.
Original source documents: Digest of the Congressional Record vol. 119-128, p. H7591;
Links for more info on the vote: congress.gov