I 
111TH CONGRESS 
2D SESSION 
H. R. 5783 
To amend the Internal Revenue Code of 1986 to impose an excise tax 
on currency transactions. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 20, 2010 
Mr. STARK introduced the following bill; which was referred to the Committee 
on Ways and Means, and in addition to the Committee on Foreign Af-
fairs, for a period to be subsequently determined by the Speaker, in each 
case for consideration of such provisions as fall within the jurisdiction of 
the committee concerned 
A BILL 
To amend the Internal Revenue Code of 1986 to impose 
an excise tax on currency transactions. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; FINDINGS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Investing in Our Future Act of 2010’’. 
(b) FINDINGS.—Congress finds the following: 
(1) While Wall Street continues to reap massive 
profits, the 2008 global economic crisis they helped 
cause has destabilized economies and impacted the 
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budgets of the United States and impoverished na-
tions, compromising the ability of governments to 
address pressing needs. 
(2) Currency speculation has destabilizing im-
pacts on the real economy and can contribute to fi-
nancial crises. 
(3) Millions of people around the world have 
been pushed into poverty because of the global fi-
nancial crisis, through no fault of their own. 
(4) The impacts of climate change, disease, and 
ill health undermine the economies of developing na-
tions and their ability to contribute to a secure, sta-
ble world. 
(5) Predictable, adequate, sustainable, long- 
term funding to address global health and climate 
change in developing countries at the scale needed 
does not currently exist. 
(6) The United States has been a world leader 
in fighting against HIV/AIDS, Tuberculosis and 
Malaria and new science has shown that success 
against these major killers is possible within a gen-
eration, yet a greater commitment of resources is 
needed to save more lives. 
(7) Additional investments are needed to in-
crease the global health workforce and improve ma-
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ternal and child health, reproductive health, and 
combat neglected tropical diseases in impoverished 
nations. 
(8) Developing countries bear little responsi-
bility for causing climate change, but they will be 
the most negatively impacted and lack the resources 
to adapt to and mitigate climate change. 
(9) According to the Department of Defense’s 
Quadrennial Defense Review, global climate change 
could accelerate instability and conflict around the 
world and become a security threat for the United 
States. 
(10) Global climate change has already begun 
to displace people and exacerbate competition and 
conflict over natural resources, increasing hunger, 
poverty and social inequities in developing countries. 
(11) The Secretariat of the United Nations 
Framework 
Convention 
on 
Climate 
Change 
(UNFCCC) has estimated that by 2030 developing 
countries will require $176 billion annually in addi-
tional investment for climate change mitigation and 
the World Bank estimates that $75 to $100 billion 
is needed per year by 2050 for adaptation in devel-
oping countries. 
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(12) At the December 2009 UNFCCC climate 
negotiations in Copenhagen, the United States made 
a commitment to work with other nations to mobilize 
$100 billion a year by 2020 to help developing coun-
tries adapt to the impacts of climate change and 
mitigate emissions from climate change. 
(13) There are approximately 15.3 million chil-
dren in the United States under the age of 6 who 
require childcare while their parents work. 
(14) Only one in seven children who are eligible 
for Federal, direct childcare assistance receives it. 
(15) In the majority of States, the cost of 
childcare for a year is more than tuition at a four- 
year public university. 
(16) Affordable and quality childcare is essen-
tial for working parents and is necessary for contin-
ued economic growth in the United States. 
(17) Wall Street is enjoying a resurgence in 
profits and executive bonuses following the $700 bil-
lion Troubled Asset Relief Program bailout. 
(18) In 2008, $4 trillion in daily currency 
transactions were undertaken, nearly 80 percent of 
which by a few major banks, without taxation. 
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(19) A small levy on currency would curb some 
speculative transactions, bringing greater stability 
into the currency market. 
(20) To address the global impacts of the eco-
nomic crisis, revenue from a small currency trans-
action tax should be invested to provide predictable, 
sustainable funding to address global health, climate 
change, and the lack of affordable childcare in the 
United States. 
(21) Collection of a small tax would not disrupt 
legitimate trading in the currency trading markets 
and would have no significant impact on individual 
travelers or United States corporations doing busi-
ness. 
(22) The Secretary of State, Secretary of the 
Treasury, and the nations in the Organization for 
Economic Cooperation and Development should 
work together to implement a broader currency 
transaction tax to fund global health, poverty, and 
climate change initiatives. 
SEC. 2. EXCISE TAX ON CURRENCY TRANSACTIONS. 
(a) IN GENERAL.—Chapter 36 of the Internal Rev-
enue Code of 1986 is amended by inserting after sub-
chapter B the following new subchapter: 
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‘‘Subchapter C—Currency Transactions 
‘‘Sec. 4475. Currency transactions. 
‘‘SEC. 4475. CURRENCY TRANSACTIONS. 
‘‘(a) IN GENERAL.—There is hereby imposed a tax 
on each currency transaction made by, or on behalf of, 
a United States person. 
‘‘(b) EXCEPTION FOR LOW-VALUE TRANSACTIONS.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to any currency transaction made by, or on 
behalf of, a United States person, if the aggregate 
value of the currencies acquired by such person in 
all such transactions made during the calendar year 
does not exceed $10,000. 
‘‘(2) 
COORDINATION
WITH
WITHHOLDING 
RULES.—Subsection (e)(2) shall not apply to any 
currency transaction unless the value of the currency 
acquired by the United States person in such trans-
action exceeds $10,000. The preceding sentence 
shall not apply if the person who facilitates such 
currency transaction knows, or has reason to know, 
that the exception provided by paragraph (1) does 
not apply to such transaction. 
‘‘(c) AMOUNT OF TAX.— 
‘‘(1) IN GENERAL.—The amount of the tax im-
posed under subsection (a) with respect to any cur-
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A partnership or any other entity (other than a cor-
poration) shall be treated as a member of an ex-
panded affiliated group if such entity is controlled 
(within the meaning of section 954(d)(3)) by mem-
bers of such group (including any entity treated as 
a member of such group by reason of this sen-
tence).’’. 
(b) CLERICAL AMENDMENT.—The table of sub-
chapters for chapter 36 of such Code is amended by in-
serting after the item relating to subchapter B the fol-
lowing new item: 
‘‘SUBCHAPTER C. CURRENCY TRANSACTIONS’’. 
SEC. 3. FUNDING FOR CHILD CARE. 
(a) CHILD CARE ASSISTANCE TRUST FUND.— 
(1) IN GENERAL.—There is established in the 
Treasury of the United States a trust fund to be 
known as the ‘‘Child Care Assistance Trust Fund’’, 
consisting of such amounts as may be appropriated 
or credited to the Child Care Assistance Trust Fund 
as provided in this section. 
(2) TRANSFER TO TRUST FUND OF AMOUNTS 
EQUIVALENT TO CERTAIN TAXES.—There are hereby 
appropriated to the Child Care Assistance Trust 
Fund, out of any money in the Treasury not other-
wise appropriated, amounts equivalent to 20 percent 
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of the taxes received in the Treasury under section 
4475 of the Internal Revenue Code of 1986. 
(3) EXPENDITURES
FROM
TRUST
FUND.— 
Amounts in the Child Care Assistance Trust Fund 
shall be available, as provided by appropriation Acts, 
for making expenditures to carry out subsection (b). 
(4) MANAGEMENT OF TRUST FUND.—For pur-
poses of subchapter B of chapter 98 of the Internal 
Revenue Code of 1986, the provisions of this sub-
section shall be treated as provisions of subchapter 
A of such chapter. 
(b) CHILD CARE ASSISTANCE GRANTS.— 
(1) IN
GENERAL.—Any appropriation under 
subsection (a)(3) from the Child Care Assistance 
Trust Fund shall be allocated among the States as 
an increase in the amount determined under section 
418(a)(1) of the Social Security Act in the same 
proportion as the amount determined under such 
section with respect to such State (determined with-
out regard to this subsection) bears to the aggregate 
amounts so determined with respect to all of the 
States. 
(2) FUNDING TO BE ADDITIONAL.—It is the 
sense of the Congress that amounts made available 
under this subsection shall be in addition to (and 
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shall not be a replacement for) other funding for 
child care assistance. 
SEC. 4. MULTILATERAL GLOBAL HEALTH PROGRAMS. 
(a) 
MULTILATERAL
GLOBAL
HEALTH
TRUST 
FUND.— 
(1) IN GENERAL.—There is established in the 
Treasury of the United States a trust fund to be 
known as the ‘‘Multilateral Global Health Trust 
Fund’’, consisting of such amounts as may be appro-
priated or credited to the Multilateral Global Health 
Trust Fund as provided in this section. 
(2) TRANSFER TO TRUST FUND OF AMOUNTS 
EQUIVALENT TO CERTAIN TAXES.—There are hereby 
appropriated to the Multilateral Global Health Trust 
Fund, out of any money in the Treasury not other-
wise appropriated, amounts equivalent to 40 percent 
of the taxes received in the Treasury under section 
4475 of the Internal Revenue Code of 1986. 
(3) EXPENDITURES
FROM
TRUST
FUND.— 
Amounts in the Multilateral Global Health Trust 
Fund shall be available, as provided by appropria-
tion Acts, for making expenditures to carry out sub-
section (b). 
(4) MANAGEMENT OF TRUST FUND.—For pur-
poses of subchapter B of chapter 98 of the Internal 
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Revenue Code of 1986, the provisions of this sub-
section shall be treated as provisions of subchapter 
A of such chapter. 
(b) MULTILATERAL GLOBAL HEALTH GRANT PRO-
GRAM.— 
(1) IN GENERAL.—The Secretary of State shall 
make grants to assist developing countries in ad-
dressing HIV/AIDS, tuberculosis, malaria, maternal 
mortality, family planning, neglected diseases, and 
other health issues affecting developing countries. 
(2) ELIGIBILITY FOR GRANTS.—Grants under 
paragraph (1) may be made to— 
(A) the Global Fund to Fight AIDS, Tu-
berculosis and Malaria to provide grants de-
scribed in paragraph (1), and 
(B) other multilateral health funding 
mechanisms which the Secretary certifies— 
(i) provide a significant majority of 
their total funding to programs in the form 
of grants, 
(ii) include independent and external 
technical review of programs in the award-
ing of funding, 
(iii) include governance structures 
that involve donor governments, imple-
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menting governments, civil society, and af-
fected communities as equal decision-mak-
ers, 
(iv) provide funding based on plans 
developed 
by 
implementing 
countries 
through country-level processes that in-
clude equal and meaningful involvement of 
civil society and impacted communities, 
(v) require measures of performance 
of all projects and formal mechanisms that 
condition continued financing on successful 
performance and outcomes, and 
(vi) include mechanisms for strict fi-
nancial accountability and provides trans-
parency of all decisions, evaluations, and 
finances through publically accessible docu-
ments. 
(3) FUNDING TO BE ADDITIONAL.—It is the 
sense of the Congress that grants made under this 
subsection shall be in addition to (and shall not be 
a replacement for) other funding for global health 
initiatives in developing countries. 
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SEC. 5. GLOBAL CLIMATE CHANGE ADAPTATION AND MITI-
GATION. 
(a) GLOBAL CLIMATE CHANGE ADAPTATION AND 
MITIGATION TRUST FUND.— 
(1) IN GENERAL.—There is established in the 
Treasury of the United States a trust fund to be 
known as the ‘‘Global Climate Change Adaptation 
and Mitigation Trust Fund’’, consisting of such 
amounts as may be appropriated or credited to the 
Global Climate Change Adaptation and Mitigation 
Trust Fund as provided in this section. 
(2) TRANSFER TO TRUST FUND OF AMOUNTS 
EQUIVALENT TO CERTAIN TAXES.—There are hereby 
appropriated to the Global Climate Change Adapta-
tion and Mitigation Trust Fund, out of any money 
in the Treasury not otherwise appropriated, amounts 
equivalent to 40 percent of the taxes received in the 
Treasury under section 4475 of the Internal Rev-
enue Code of 1986. 
(3) EXPENDITURES
FROM
TRUST
FUND.— 
Amounts in the Global Climate Change Adaptation 
and Mitigation Trust Fund shall be available, as 
provided by appropriation Acts, for making expendi-
tures to carry out subsection (b). 
(4) MANAGEMENT OF TRUST FUND.—For pur-
poses of subchapter B of chapter 98 of the Internal 
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Revenue Code of 1986, the provisions of this sub-
section shall be treated as provisions of subchapter 
A of such chapter. 
(b) GLOBAL CLIMATE CHANGE ADAPTATION AND 
MITIGATION GRANT PROGRAM.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), any appropriation under subsection (a)(3) 
from the Global Climate Change Adaptation and 
Mitigation Trust Fund shall be used for contribu-
tions to a United Nations Framework Convention on 
Climate Change (UNFCCC) global climate fund for 
adaptation and mitigation which— 
(A) is fully accountable to the Conference 
of Parties of the UNFCCC, in which the Con-
ference of Parties selects members of the execu-
tive board to manage distinct funding windows, 
including for adaptation and mitigation; ap-
proves rules, guidelines, priorities, and policies 
proposed by the executive board; and receives 
and determines the allocation and disbursement 
of funding, 
(B) is independent in management and 
governance from existing financial institutions, 
(C) is fully consistent with Article 11 of 
the UNFCCC, 
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(D) provides funds only in the form of 
grants for adaptation, 
(E) has an Executive Board made up of 
equitable and balanced representation within 
the five United Nations regions and additional 
representation from countries most vulnerable 
to climate change and from civil society in de-
veloped and developing countries, 
(F) ensures that in areas where any activi-
ties or programs are planned, local commu-
nities, particularly the most vulnerable popu-
lations therein, are engaged through adequate 
disclosure of information, public participation 
and consultation, and have decision-making 
power in, and consent to, how funding is used, 
monitored and evaluated, 
(G) provides transparent and accountable 
processes for the handling of financing, and 
(H) provides recipient governments the 
choice to nominate a national implementing en-
tity which meets agreed fiduciary standards to 
directly apply for and access funding. 
(2) TRANSITIONAL RULES.—If an appropriation 
under subsection (a)(3) from the Global Climate 
Change Adaptation and Mitigation Trust Fund is 
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made before the UNFCCC global climate fund for 
adaptation and mitigation described in paragraph 
(1) has been established, such appropriation shall be 
used for contributions to the Adaptation Fund es-
tablished by Parties to the Kyoto Protocol of the 
UNFCCC, the Least Developed Countries Fund of 
the UNFCCC, or one or more multilateral funds 
that is agreed to by Parties to the UNFCCC or the 
Kyoto Protocol, subject to a certification by the Sec-
retary of the Treasury that the program to which 
such contributions are made— 
(A) provides funds only in the form of 
grants for adaptation, 
(B) ensures that in areas where any activi-
ties or programs are planned, local commu-
nities, particularly the most vulnerable popu-
lations therein, are engaged through adequate 
disclosure of information, public participation 
and consultation, and have decisionmaking 
power in, and consent to, how funding is used, 
monitored and evaluated, 
(C) has a governance structure with equi-
table and balanced representation of all parties 
within a transparent system of governance, 
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(D) provides transparent and accountable 
processes for the handling of financing, 
(E) provides recipient governments the 
choice to nominate a national implementing en-
tity which meets agreed fiduciary standards to 
directly apply for and access funding, and 
(F) is fully consistent with article 11.1 of 
the UNFCCC which states that the fund must 
function under the guidance of and be account-
able to the Conference of the Parties. 
(3) FUNDING TO BE ADDITIONAL.—It is the 
sense of the Congress that grants made under this 
subsection shall be in addition to (and shall not be 
a replacement for) other funding for global climate 
change adaptation and mitigation initiatives in de-
veloping countries. 
Æ 
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