Petrodollar Reporting Act
Latest action. Referred to Senate Committee on Government Operations.
Petrodollar Reporting Act - Establishes in the Department of the Treasury a Task Force on Petrodollar to be composed of specified Cabinet and other Federal officers. States that the Task Force shall: (1) collect and analyze data on the use, transfer, and investment of foriegn exchange earnings by oil exporting nations, particularly nations comprising the Organization of Petroleum Exporting Countries; (2) examine the implications of the flow of revenue received from abroad by oil exporting nations from the sale of oil produced by nations who are members of the Organization of Petroleum Exporting Countries, as the flow of such revenue affects the United States and the world and consider appropriate action to deal effectively with such implications; and (3) report to the President and the Congress not less than 4 times in each fiscal year on the findings of the Task Force together with such recommendations as the Task Force determines necessary and appropriate. Grants to the Task Force the information gathering powers necessary to carry out its functions under this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 11, 1974. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 11, 1974: Referred to Senate Committee on Government Operations.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
HUBERT HUMPHREY (D-MN) introduced it on October 11, 1974. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 11, 1974, 18962 days ago. The most recent recorded action was 18962 days ago, on October 11, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers