S. 1909 · 112th Congress
A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds.
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
EnziSponsorNo cosponsors.
Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "Buy Back America Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt.
What it does: CRS summary · Introduced in Senate · Nov 18, 2011
Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "Buy Back America Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt.
Sets the redemption date of a Buy Back America Bond at 10 years from the date of issue and its maturity date at 20 years from such date. Requires annual anniversary interest payments, which shall not be includible in gross income under the Internal Revenue Code.
Requires such bonds to be issued at face value and in denominations of at least $25.
Allows redemption of such a Bond before 10 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit is less than 3% of gross domestic product (GDP), or (2) the public debt is less than 10% of GDP.
Limits the holding of a Buy Back America Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person.
Permits a Bond to be purchased by or transferred to an individual who provides a valid Social Security account number, not including a taxpayer identification number (TIN) provided by the Internal Revenue Service (IRS).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds.
Latest action (Nov 18, 2011): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833)
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Nov 18, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.