119-hr737

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 737 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 737

To require the Secretary of the Treasury to issue reports with respect 
 to extraordinary measures, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 January 24, 2025

 Mr. Nunn of Iowa (for himself and Mr. Davis of North Carolina) 
 introduced the following bill; which was referred to the Committee on 
 Ways and Means

_______________________________________________________________________

 A BILL

To require the Secretary of the Treasury to issue reports with respect 
 to extraordinary measures, and for other purposes.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Extraordinary Measures Transparency 
Act''.

SEC. 2. REPORTS ON EXTRAORDINARY MEASURES.

    (a) In General.--Subchapter II of chapter 31 of title 31, United 
States Code, is amended by adding at the end the following:
``

Sec. 3131. Reports on extraordinary measures
 ``

    (a) Report 30 Days Before Reaching Debt Limit.--If the Secretary 
of the Treasury determines that the public debt will reach the debt 
limit in 30 days, the Secretary shall issue a report to the Congress 
that contains--
 ``

    (1) a description of the extraordinary measures that the 
 Secretary intends to use if the debt limit is not raised;
 ``

    (2) an estimate of the cost of such extraordinary 
 measures;
 ``

    (3) a projection of how long such extraordinary measures 
 will fund the Federal Government; and
 ``

    (4) a projection of the administrative cost of taking 
 such extraordinary measures.
 ``

    (b) Daily Report While Using Extraordinary Measures.--The 
Secretary shall, during any period in which the Secretary is using 
extraordinary measures, issue a daily report to the Congress that 
contains a list of which extraordinary measures were taken, including a 
list of how much money was transferred and from which accounts the 
money was transferred.
 ``
            (c) Report After Using Extraordinary Measures.--At the end of a 
period in which the Secretary was using extraordinary measures, the 
Secretary shall issue a report to the Congress that contains--
 ``

    (1) a summary of the extraordinary measures used; and
 ``

    (2) the administrative cost of taking such extraordinary 
 measures.
 ``
            (d) === Definitions. ===
-For purposes of this section:
 ``

    (1) Administrative cost.--With respect to extraordinary 
 measures, the term `administrative cost' means--
 ``
        (A) the personnel and consultant costs required 
 to engage in the extraordinary measures;
 ``
        (B) any fees the Government has to pay in 
 connection with the extraordinary measures; and
 ``
            (C) such other costs as the Secretary determines 
 appropriate.
 ``

    (2) Debt limit.--The term `debt limit' means the limit 
 specified under 

section 3101, as modified by 

section 3101A.
 ``

    (3) Extraordinary measures.--The term `extraordinary 
 measures' means--
 ``
        (A) directing or approving the issuance of debt 
 by the Federal Financing Bank for the purpose of 
 entering into an exchange transaction for debt that is 
 subject to the limit under this chapter;
 ``
        (B) suspending investments in the Government 
 Securities Investment Fund of the Thrift Savings Fund;
 ``
            (C) suspending investments in the stabilization 
 fund established under 

section 5302;
 ``
            (D) suspending new investments in the Civil 
 Service Retirement and Disability Fund or the Postal 
 Service Retiree Health Benefits Fund;
 ``
        (E) selling or redeeming securities, obligations, 
 or other invested assets of the Civil Service 
 Retirement and Disability Fund or the Postal Service 
 Retiree Health Benefits Fund before maturity;
 ``
        (F) suspending sales of State and Local 
 Government Series Treasury securities; and
 ``
        (G) such other measures as the Secretary 
 determines appropriate.
 ``

    (4) Secretary.--The term `Secretary' means the Secretary 
 of the Treasury.''.

    (b) Clerical Amendment.--The table of analysis for chapter 31 of 
title 31, United States Code, is amended by inserting after the item 
relating to 

section 3130 the following:

``3131. Reports on extraordinary measures.''.
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