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H.R. 7260: Transparency in the Creation of Wealth Act of 2008

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H.R. 7260: Transparency in the Creation of Wealth Act of 2008

110th Congress · introduced 2008-10-03 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2008-10-03 · official record
  2. Who proposed it: Rep. Kucinich, Dennis J. [D-OH-10] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Transparency in the Creation of Wealth Act of 2008

Plain summary

Transparency in the Creation of Wealth Act of 2008 - Directs the Board of Governors of the Federal Reserve System to: (1) devise, calculate, and publish a replacement for the discontinued M3 monetary statistic; (2) tabulate and publish a statistical description of the current distribution of wealth in the United States by quintile; (3) calculate and report to the Congress the total annual seigniorage interest income received by financial institutions as a result of their being allowed to create money in the form of the credit they extend above their own cash deposits or reserves before extending the loans; (4) calculate and publish semi-annually the loss or gain in economic output due to the deviation of the previous year's actual unemployment rate from the 4% level required by specified statute; (5) tabulate and publish data showing the amount of credit and the percentage of credit now being created and directed into specified transactions; (6) develop a market-based estimate of the value of residential, corporate and publicly owned land and report figures; and (7) make projections, in ten-year increments, of the net foreign debt, and estimate and report on the location of federal reserve notes, by country and type of holder. Directs the Comptroller General to conduct a full audit of the Federal Reserve System in every year before a presidential election year. Directs the Board to: (1) publish a quarterly and annual summary of total credit market debt; (2) release the statistics required to be compiled by this Act at a quarterly news conference; and (3) the survey of consumer finances and the total credit market debt report at an annual news conference.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Transparency in the Creation of Wealth Act of 2008

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Kucinich, Dennis J. [D-OH-10] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Statute
A written law passed by a legislature. A statute can be changed by a later law; changing a constitution needs an amendment.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong110-hr7260 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110