text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Dollar Bill Act of 2013''.
  
  SEC. 2. FINDINGS.
  
      Congress finds the following:
              (1) Article I, section 8 of the Constitution of the United 
          States provides that the Congress shall have Power to coin 
          money, regulate the value thereof, and of foreign coin, and fix 
          the standard of weights and measures.
              (2) Congress effectively delegated the power to regulate 
          the value of United States money and foreign money to the 
          Federal Reserve System via the Federal Reserve Act of 1913.
              (3) The value of the United States dollar has fallen 
          dramatically relative to gold, crude oil, other real 
          commodities and major foreign currencies.
              (4) The value of the United States dollar has become 
          unstable and uncertain.
              (5) The Board of Governors of the Federal Reserve System 
          has not produced a stable and reliable value for the United 
          States dollar.
              (6) The Board of Governors of the Federal Reserve System 
          cannot reasonably be expected to produce a stable and reliable 
          value for the United States dollar.
              (7) An unstable dollar slows the growth of the economy by 
          increasing the cost of capital, increasing the risks attendant 
          to long-term capital investment, and increasing the effective 
          rate of the corporate income tax.
              (8) An unstable dollar reduces the real earnings of 
          American workers.
              (9) An unstable dollar reduces the real value of financial 
          assets held by the public.
              (10) An unstable dollar reduces the real value of pension 
          plans and retirement accounts upon which Americans depend for 
          their security.
              (11) An unstable dollar damages the economic and political 
          standing of the United States in the world community.
              (12) An unstable dollar gives rise to anxiety, uncertainty, 
          and risk among the financial markets and the public.
  
  SEC. 3. DIRECTIVES TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE 
                SYSTEM.
  
      (a) In General.--Before the end of the 30-day period beginning on 
  the date of the enactment of this Act, the Board of Governors of the 
  Federal Reserve System shall designate a specific week (the ``Target 
  Week'') starting no earlier than 90 days from the date of the enactment 
  of this Act and ending no later than 120 days from the enactment of 
  this Act. After designating the Target Week, the Board of Governors of 
  the Federal Reserve System shall then employ a random process to select 
  a specific day, hour, minute, and second during the Target Week (the 
  ``Target Moment''), which shall not be publicly disclosed. At the 
  Target Moment, the Board of Governors of the Federal Reserve System 
  shall make the value of the U.S. dollar equal to the price of gold on 
  the exchange operated by the Commodities Exchange, Inc. (COMEX) of the 
  New York Mercantile Exchange, Inc., as of the Target Moment and 
  maintain the value of the United States dollar within plus or minus 2 
  percent of such price (the ``Target Range'') thereafter.
      (b) Target.--The Board of Governors of the Federal Reserve System 
  shall maintain the value of the United States dollar within the Target 
  Range directly, via open market operations, and not indirectly, as in 
  the current practice of targeting the Federal Funds rate.
      (c) Promotion of Stable and Effective Financial Markets.--The Board 
  of Governors of the Federal Reserve System shall use the banking and 
  bank regulatory powers of the Board to maintain and promote stable and 
  effective financial markets during and after the transition to a 
  defined value for the United States dollar.
  
  SEC. 4. TAX DEPRECIATION.
  
      Effective January 1, 2013, all entities that depreciate capital 
  assets for tax purposes shall be entitled to 100 percent expensing of 
  all capital investment for tax purposes in the year that the investment 
  is made.
  
  SEC. 5. DIRECTIVE TO THE CONGRESSIONAL BUDGET OFFICE.
  
      In addition to the scoring that the Congressional Budget Office 
  will do of the tax changes provided in this Act in the normal course of 
  events, the Congressional Budget Office shall also calculate the impact 
  on Federal revenues on a present value basis. This calculation shall be 
  done in the manner that such calculations are done by the Social 
  Security Trustees, and shall take into account the following:
              (1) That first year expensing of capital investment 
          accelerates, but does not change the total amount of the 
          depreciation that taxpayers take based upon their investments.
              (2) Capital investments by businesses have historically 
          earned much higher returns than the interest rate on government 
          bonds.
  
  SEC. 6. CONFLICT OF LAWS PROVISION.
  
      In the event that any provisions of this Act are found to be in 
  conflict with those of the Full Employment and Balanced Growth Act of 
  1978, the provisions of this Act shall supersede the provisions of such 
  Act to the extent of the conflict.
  
  SEC. 7. REMOVAL OF FEDERAL RESERVE BANK AUTHORITY TO PAY EARNINGS ON 
                RESERVES.
  
      (a) In General.--Section 19(b)(12) of the Federal Reserve Act (12 
  U.S.C. 461(b)(12)) is amended--
              (1) in the heading of such paragraph, by striking 
          ``Earnings'' and inserting ``No earnings'';
              (2) in subparagraph (A), by striking ``may receive earnings 
          to be paid by the Federal Reserve bank at least once each 
          calendar quarter, at a rate or rates not to exceed the general 
          level of short-term interest rates'' and inserting ``may not 
          receive earnings paid by the Federal Reserve bank'';
              (3) by striking subparagraph (B); and
              (4) by redesignating subparagraph (C) as subparagraph (B).
      (b) Effective Date.--The amendments made under this section shall 
  take effect after the end of the 30-day period beginning on the date of 
  the enactment of this Act.
target: Dollar Bill Act of 2013 - Directs the Board of Governors of the Federal Reserve System (Board) to: (1) designate a &quot;Target Week&quot;; (2) employ a random process to select a specific day, hour, minute, and second during such Target Week as &quot;Target Moment&quot; (which shall not be publicly disclosed); (3) make the value of the U.S. dollar at the Target Moment equal to the price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc.; and (4) maintain the value of the U.S. dollar within plus or minus 2% of such price (&quot;Target Range&quot;) thereafter. Instructs the Board maintain the value of the United States dollar within the Target Range directly, via open market operations, and not indirectly, as in the current practice of targeting the Federal Funds rate. Requires the Board to use its banking and bank regulatory powers to maintain and promote stable and effective financial markets during and after the transition to a defined value for the U.S. dollar. Entitles all entities that depreciate capital assets for tax purposes to 100% expensing of all capital investment for tax purposes in the year that the investment is made. Requires the Congressional Budget Office (CBO), in addition to the scoring CBO will do of the tax changes provided in this Act, to calculate the impact on federal revenues on a present value basis. Amends the Federal Reserve Act to remove Federal Reserve Bank authority to pay earnings on reserves.   
feat_title: Dollar Bill Act of 2013