H.R.5552 - SAFE Commission Act109th Congress (2005-2006)
|Sponsor:||Rep. Wolf, Frank R. [R-VA-10] (Introduced 06/07/2006)|
|Committees:||House - Budget; Rules|
|Latest Action:||07/25/2006 Sponsor introductory remarks on measure.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.5552 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (06/07/2006)
Securing America's Future Economy Commission Act, or SAFE Commission Act - Establishes the Securing America's Future Economy (SAFE) Commission to develop legislation designed to address: (1) the unsustainable imbalance between long-term federal spending commitments and projected revenues; (2) increases in net national savings to provide for domestic investment and economic growth; (3) the implications of foreign ownership of debt instruments issued by the federal government; and (4) revision of the budget process to place greater emphasis on long-term fiscal issues.
Requires the Commission to: (1) develop one or two methods for estimating the cost of legislation as an alternative to the current Congressional Budget Office (CBO) method; and (2) hold at least one town-hall style public hearing within each federal reserve district.
Requires the Commission to submit a legislative proposal to Congress and the President. Authorizes the President to submit to Congress an alternative proposal. Authorizes the Committee on the Budget of either Chamber to publish its own alternative proposal in the Congressional Record.
Sets forth procedures for consideration of such legislation.
Requires CBO to prepare a long-term cost estimate and have it published in the Congressional Record as expeditiously as possible whenever requested to do so by the Commission, the President, or the chairman of the Committee on the Budget of either Chamber.