Debt Crisis Resolution Act of 2011

Debt Crisis Resolution Act of 2011 - Instructs the Secretary of the Treasury to cancel all federal public debt obligations held by the Federal Reserve System.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2768 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2768

 To cancel public debt held by the Federal Reserve System and to lower 
               the public debt limit by an equal amount.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 1, 2011

   Mr. Paul introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To cancel public debt held by the Federal Reserve System and to lower 
               the public debt limit by an equal amount.

    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 ``Debt Crisis Resolution Act of 
2011''.

SEC. 2. CANCELLATION OF PUBLIC DEBT HELD BY THE FEDERAL RESERVE SYSTEM.

    (a) Canceling of Debt.--The Secretary of the Treasury shall cancel 
all obligations of the United States Government issued under chapter 31 
of title 31, United States Code, that are held by the Federal Reserve 
System.
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