DEBT Act

119 HR 402 IH: Debt Explanation Before Taxwriters Act U.S. House of Representatives 2025-01-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 402 IN THE HOUSE OF REPRESENTATIVES January 14, 2025 Mr. Schweikert introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend title 31, United States Code, to require the Secretary of the Treasury to appear before Congress before the debt limit is reached or extraordinary measures are taken to prevent default. 1. Short title This Act may be cited as the Debt Explanation Before Taxwriters Act or the DEBT Act . 2. Secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken (a) In general Subchapter II of chapter 31 of title 31, United States Code, is amended by adding at the end the following: 3131. Secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken (a) In general Not more than sixty days and not less than twenty-one days prior to any date on which the Secretary of the Treasury anticipates either that the public debt will reach the limit specified under section 3101, as modified by section 3101A, or that extraordinary measures will be taken to prevent the United States from defaulting on its obligations, the Secretary shall appear before the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate, to submit a detailed explanation of— (1) any extraordinary measures the Secretary will take to fund Federal government obligations prior to such increase and an estimate of the administrative cost of taking such extraordinary measures; and (2) any reversal of such measures, and any other changes taken in the funding of Federal government obligations, as a result of such increase. (b) Extraordinary measures defined For purposes of this section, the term extraordinary measures means each of the following: (1) Suspending sales of State and Local Government Series Treasury securities. (2) Redeeming existing, and suspending new, investments of the Civil Service Retirement and Disability Fund and the Postal Service Retiree Health Benefits Fund. (3) Suspending reinvestment of the Government Securities Investment Fund. (4) Suspending reinvestment of the Exchange Stabilization Fund. (5) 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 section. (6) Suspending investments in the Government Securities Investment Fund of the Thrift Savings Fund. (7) Suspending investments in the stabilization fund established under section 5302 of title 31, United States Code. (8) Suspending new investments in the Civil Service Retirement and Disability Fund or the Postal Service Retiree Health Benefits Fund. (9) 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. . (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. Secretary of Treasury appearance before Congress before reaching debt limit or extraordinary measures taken. .