H.R. 755 – Investing in Our Future Act of 2011
The proposed bill would impose a 0.005% tax on the value of the currency (if greater than $10,000 USD) acquired in a currency exchange transaction. The revenue generated by this tax would be directed to three new trust funds established at the Department of the Treasury: 10% would be directed to a “Child Care Assistance Trust Fund,” 25% to a “Multilateral Global Health Trust Fund,” and 25% to a “Global Climate Change Adaptation and Mitigation Trust Fund.” The remainder would be directed to federal budget deficit reduction or reduction of the federal debt.
The Secretary of State would have authority to provide grants from the Multilateral Global Health Trust Fund to entities such as the Global Fund to Fight AIDS, Tuberculosis and Malaria and other multilateral organizations that meet specific criteria outlined in the bill. The bill also states that funding for the multilateral organizations must be in addition to and not replacing existing funding and should be used for the purposes of “addressing HIV/AIDS, tuberculosis, malaria, maternal mortality, family planning, neglected diseases, and other health issues affecting developing countries.”
Learn more about the bill here.
Read Representative Stark’s press release about the bill here.
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