SENATE BILL REPORT

SB 5444

BYSenators Moore, Metcalf, Vognild, Pullen, Conner, von Reichbauer, Bender, Barr, Talmadge, Deccio, Johnson, Garrett, Owen, Rasmussen, West, Smitherman, Patterson, Craswell, Tanner, Nelson, Bailey, Bauer, Zimmerman, Hayner and Sellar

Challenging the delegation of authority to create money.

Senate Committee on Financial Institutions

Senate Hearing Date(s):February 12, 1987

Majority Report:  Do pass.

      Signed by Senators Moore, Chairman; Bender, Vice Chairman; Metcalf, Pullen, von Reichbauer.

Senate Staff:Stephanie Yates (786-7416)

                  March 3, 1987

AS PASSED SENATE, MARCH 2, 1987

BACKGROUND:

Questions have been raised regarding the authority of Congress to delegate to the Federal Reserve System the authority to create money and control monetary policy.

SUMMARY:

Upon approval by the people of the State of Washington, the Legislature will appoint legal counsel to file suit in the United States Supreme Court to challenge the constitutionality of the delegation, by Congress to the Federal Reserve System, of authority to create money and control monetary policy.

Fiscal Note:      requested

Senate Committee - Testified: Senator Metcalf