H.R. 4180: Sound Dollar Act of 2012

112th Congress · introduced 2012-03-08 · Economics and Public Finance · Latest: Subcommittee Hearings Held.

federal

Follow this bill, step by step

Where it came from: introduced 2012-03-08 · official record
Who proposed it: Rep. Brady, Kevin [R-TX-8] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Subcommittee Hearings Held. Not final yet: this can still change. We check for updates every day.
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

Sound Dollar Act of 2012

Plain summary

Sound Dollar Act of 2012 - Amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System (Board) and the Federal Open Market Committee (FOMC) to: (1) promote the goal of long-term price stability, and (2) establish metrics to evaluate whether long-term price stability is being achieved. Prescribes procedures for the establishment and evaluation of such metrics. Directs the Board and the FOMC to: (1) make such information available to the public on a website, and (2) report to Congress each time such metrics are set or revised. Directs the Board to include in its semiannual report to Congress: (1) the results of the evaluation process, (2) whether the goal of long-term price stability is being met, (3) the main monetary policy instruments and strategy used by the Board and the FOMC to achieve long-term price stability, and (4) an analysis of how the policies of the Board and the FOMC are affecting the foreign exchange rate value of the U.S. dollar. Directs the Board to clearly articulate its lender-of-last-resort policy. Revamps FOMC membership to consist of one representative from each of the Federal Reserve banks (in addition to members of the Board). Directs the FOMC to release meeting transcripts to the public within three years after each meeting. Redesignates the Department of the Treasury stabilization fund as the Special Drawing Rights Fund. Instructs the Secretary of the Treasury to liquidate all property in the Fund (other than Special Drawing Rights) and to use all such amounts to reduce the public debt. Limits the availability of the Fund solely to stabilize exchange rates and arrangements. Repeals the authority of the Secretary to deal in U.S. instruments of credit and securities. Permits only Special Drawing Rights to be deposited into the Fund. Requires funds that would otherwise have been deposited into the Fund to be paid, instead, to the Secretary to reduce the public debt. Amends the FRA to authorize the FOMC, in unusual and exigent circumstances, by the affirmative vote of two-thirds of its members, to grant any Federal Reserve bank emergency authority to buy and sell U.S. debt obligations and revenue bonds in anticipation of the collection of taxes or the receipt of assured revenues by any state or local governmental entity, as well as obligations of, or guaranteed by, a foreign government or agency. Amends the Consumer Financial Protection Act of 2010 to repeal: (1) funding for the Consumer Financial Protection Bureau (CFPB), and (2) the Bureau of Consumer Financial Protection Fund.

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

Sound Dollar Act of 2012

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. Brady, Kevin [R-TX-8] · 49 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

James Lankford (R-OK), Cynthia M. Lummis (R-WY), Tom Cole (R-OK), Tom McClintock (R-CA), Frank D. Lucas (R-OK), Bill Huizenga (R-MI), Sam Graves (R-MO), Virginia Foxx (R-NC), Tim Walberg (R-MI)

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 (4)

Authorization: A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr4180.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr4180 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112