H.R. 1497 · 114th Congress
To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction…
Full title
To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HuelskampSponsorNo cosponsors.
This bill requires the Department of the Treasury to notify Congress when the debt of the U.S. government has reached the statutory limit and if Treasury has begun using reduction measures to avoid default. Treasury must also specify which reduction measures are currently being used.
What it does: CRS summary · Introduced in House · Mar 19, 2015
This bill requires the Department of the Treasury to notify Congress when the debt of the U.S. government has reached the statutory limit and if Treasury has begun using reduction measures to avoid default. Treasury must also specify which reduction measures are currently being used.
Reduction measures include the issuance of debt by the Federal Financing Bank to exchange debt that is subject to the limit; suspending investments in the Government Securities Investment Fund of the Thrift Savings Fund; suspending investments in the Exchange Stabilization Fund; suspending, redeeming, or selling investments in the Civil Service Retirement and Disability Fund or the Postal Service Retiree Health Benefits Fund; and other measures Treasury determines to be appropriate.
For each day the debt is at the statutory limit, Treasury must publicly disclose reduction measures currently being used, the amounts that have been used and remain available for each measure, and the date on which Treasury estimates that all measures will be exhausted and the government will begin defaulting.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend title 31, United States Code, to require reporting by the Secretary of the Treasury of reduction measures being used to avoid defaulting on Government obligations in the event that the debt limit is reached, and for other purposes.
Latest action (Mar 19, 2015): Referred to the House Committee on Ways and Means.
Policy area: Economics and Public Finance · Origin: House · Introduced: Mar 19, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.