H.R.2621 - To enforce the public debt limit and to protect the social security trust funds and other federal trust funds and accounts invested in public debt obligations.104th Congress (1995-1996)
|Sponsor:||Rep. Archer, Bill [R-TX-7] (Introduced 11/13/1995)|
|Committees:||House - Ways and Means|
|Latest Action:||Senate - 12/15/1995 Received in the Senate. (All Actions)|
|Roll Call Votes:||There have been 3 roll call votes|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Failed House
- Passed House
Summary: H.R.2621 — 104th Congress (1995-1996)All Information (Except Text)
Passed House amended (12/14/1995)
Prohibits a U.S. officer or employee from: (1) delaying the deposit or credit of any amount into any Federal fund, otherwise varying from normal procedures for making deposits or credits, or refraining from investments in public debt obligations of amounts in such fund if the purpose of such action or inaction is to not increase the amount of outstanding public debt obligations; and (2) disinvesting amounts in any such fund which are invested in public debt obligations if a purpose is to reduce the amount of outstanding public debt obligations. Prescribes that during any period for which cash benefits or administrative expenses would not be payable from a covered benefits fund because of an inability to issue further public debt obligations due to the applicable public debt limit, such obligations held by a covered benefits fund will only be sold or redeemed for payment of: (1) such benefits; or (2) administrative expenses and only if cash assets of such fund are not available from month to month for the purpose of making such payments.
Requires the Secretary of the Treasury to notify each House of the Congress and the Comptroller General not less than three days before an expected sale or redemption.