In 2004, Fattah introduced a bill titled the "Transform America Transaction Fee," (H.R. 3759) which proposed to have the U.S. Treasury conduct a one-year feasibility study of a 1 percent transaction fee imposed on transactions made at any financial institution. He touted the possibility that such a system would bring in so much money it would allow for greatly increased federal spending, saying the "excess funds" would "provide universal health care, support an equitable public school finance system, and fund economic development in urban and rural areas," in addition to extinguishing the national debt and eliminating all other federal taxes. The bill died without attracting any co-sponsor. In 2005, Fattah introduced the bill again with H.R. 1601, and again in 2007 with H.R. 2130 which had a single cosponsor, Democratic Rep. Brian Baird of Washington. Both bills died without any action being taken. In 2009, Fattah introduced a fourth bill to require having a study conducted, H.R. 1703, which attracted no cosponsors. On February 23, 2010, Fattah reintroduced the bill as the "Debt Free America Act," (H.R. 4646) which proposed to repeal the federal income tax and replace it with a 1 percent "transaction tax" on every financial transaction – whether paid by cash, credit card or any form of financial transfer, the only exception being transactions involving the purchase or sale of stock. The latest bill places more focus on eliminating the federal debt. Fattah has also added a 1 percent tax credit designed to eliminate the impact of the measure on couples making less than $250,000 a year. As of September 5, 2010, none of the House committees have scheduled any action on the latest bill.