H.R.4735 - Citizens Restitution Bond Act102nd Congress (1991-1992)
|Sponsor:||Rep. Kaptur, Marcy [D-OH-9] (Introduced 04/01/1992)|
|Committees:||House - Banking, Finance, and Urban Affairs; Ways and Means|
|Latest Action:||House - 04/15/1992 Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Insurance. (All Actions)|
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Text: H.R.4735 — 102nd Congress (1991-1992)All Information (Except Text)
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- Bill and resolution texts for 1989-1992 (101st-102nd Congresses) predate authenticated digital publishing.
Introduced in House
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.'.