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H.R. 402

U.S. House•In House Committee

Summary

H.R. 402, the DEBT Act, was introduced in the House on Jan 14, 2025 by Rep. David Schweikert (R). It was referred to Ways And Means, and last saw action on Jan 14, 2025: Referred to the House Committee on Ways and Means.

Record

Text

H.R. 402 has no co-sponsors and has not gone to a roll call.

hb402/introduced-in-house.txt
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.
  .

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-01-14
  2. Passed House
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House Jan 14, 2025

hb402/introduced-in-house.md

Shown Here:
Introduced in House (01/14/2025)

Debt Explanation Before Taxwriters Act or the DEBT Act

This bill requires the Secretary of the Treasury to appear before the House Ways and Means Committee and the Senate Finance Committee before the federal debt limit is reached or extraordinary measures are taken to prevent the United States from defaulting on its obligations.

The term extraordinary measures generally refers to a series of actions that the Department of the Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures generally include suspensions or delays of debt sales and suspensions or redemptions of investments in certain government funds.

The bill requires the Secretary of the Treasury to appear before the committees to provide a detailed explanation of (1) the extraordinary measures that Treasury will take and the administrative costs of taking the measures, and (2) any reversal of such measures and any other changes in the funding of federal government obligations.

Sponsors

Rep. David Schweikert (R) sponsors H.R. 402 alone.

Committees

H.R. 402 went before 1 committee: Ways and Means.

Ways and Means
Ways and Means
Referred To · Jan 14, 2025 · 1,160 Bills

Actions

H.R. 402 has taken 2 actions since Jan 14, 2025.

ChamberAction
Jan 14, 2025
House
Introduced in House
Jan 14, 2025
House
Referred to the House Committee on Ways and Means.Ways and Means Committee

Votes

H.R. 402 has not gone to a roll call.

Titles

H.R. 402 goes by 4 titles, 2 of them short titles.

  • DEBT Act — Display Title
  • 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. — Official Title as Introduced
  • DEBT Act — Short Title(s) as Introduced
  • Debt Explanation Before Taxwriters Act — Short Title(s) as Introduced

Classification

The Congressional Research Service files H.R. 402 under Economics and Public Finance, one of its 31 policy areas, and gives it 6 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 402’s is Economics and Public Finance.

hr402/policy-areas.txt
Economics and Public FinanceAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesFinance and Financial SectorForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 402 carries 6 of CRS’s legislative subjects, from Budget deficits and national debt to Senate Committee on Finance.

hr402/subjects.txt
Budget deficits and national debtCongressional-executive branch relationsCongressional oversightDepartment of the TreasuryHouse Committee on Ways and MeansSenate Committee on Finance

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 402, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 7 (Tuesday, January 14, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHWEIKERT:H.R. 402.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18 of the U.S. Constitution:[Page H149]

Source: congress.gov · legiscan.com