H.R. 737

119 HR 737 IH: Extraordinary Measures Transparency Act
 U.S. House of Representatives
 2025-01-24
 text/xml
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 I  119th CONGRESS  1st Session  H. R. 737  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.
1.
Short title
This Act may be cited as the   Extraordinary Measures Transparency Act  .
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:
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.
  .