Text: H.R.4735 — 102nd Congress (1991-1992)All Information (Except Text)

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HR 4735 IH
102d CONGRESS
2d Session
 H. R. 4735
To make restitution to the American taxpayer, increase national savings,
and fund the Resolution Trust Corporation through the issuance of citizen
restitution bonds.
IN THE HOUSE OF REPRESENTATIVES
April 1, 1992
Ms. KAPTUR introduced the following bill; which was referred jointly to the
Committees on Ways and Means and Banking, Finance and Urban Affairs
A BILL
To make restitution to the American taxpayer, increase national savings,
and fund the Resolution Trust Corporation through the issuance of citizen
restitution bonds.
  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 `Citizens Restitution Bond Act'.
SEC. 2. CITIZENS RESTITUTION BONDS.
  (a) IN GENERAL- Subchapter A of chapter 31 of title 31, United States Code,
  is amended by adding at the end the following new section:
`Sec. 3114. CITIZEN RESTITUTION BONDS
  `(a) IN GENERAL- The Secretary of the Treasury shall issue citizen
  restitution bonds to--
  `(1) make restitution to the American taxpayer;
  `(2) increase national savings; and
  `(3) provide funds to the Resolution Trust Corporation.
  `(b) PROCEEDS-
  `(1) IN GENERAL- Proceeds from the sale of citizen restitution bonds shall
  be transferred to the Resolution Trust Corporation to meet the obligations
  of such corporation under section 21A of the Federal Home Loan Bank Act.
  `(2) EXCESS TO BE USED TO REDUCE THE NATIONAL DEBT- The amount of any
  proceeds of citizen restitution bonds in excess of the amount required by
  the Resolution Trust Corporation shall be transferred to the general fund
  of the Treasury to be used solely for purposes of reducing the national debt.
  `(c) TERMS AND CONDITIONS- The citizen restitution bonds issued under this
  section shall--
  `(1) be issued in denominations which the Secretary determines would incur
  the lowest administrative cost, except that at least 1 denomination shall
  be $100 or less;
  `(2) pay interest at a rate not less than 90 percent of the average annual
  yield, as of the date of issuance of such bonds, on obligations issued
  under section 3102 or 3103 with a comparable period to maturity;
  `(3) be available for purchase through payroll deduction or direct payment
  deduction systems; and
  `(4) not be transferable.
  `(d) DEVELOPMENT OF MARKETING SYSTEM- In cooperation with the appropriate
  Federal banking agencies (as defined in section 3(q) of the Federal Deposit
  Insurance Act), the National Credit Union Administration, and the United
  States Postal Service, the Secretary shall establish a marketing program
  for advertising the citizen restitution bonds and offering such bonds for
  sale in depository institutions, including credit unions, and in facilities
  of the United States Postal Service if the Postmaster General finds such
  marketing to be appropriate at such facilities.'.
  (b) CLERICAL AMENDMENT- The table of sections for subchapter A of chapter
  31 of title 31, United States Code, is amended by inserting after the item
  relating to section 3113 the following new item:
`3114. Citizen restitution bonds.'.