Summary: H.R.4762 — 111th Congress (2009-2010)All Information (Except Text)

There is one summary for H.R.4762. Bill summaries are authored by CRS.

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Introduced in House (03/04/2010)

Congressional Pay Cut for Debt Reduction Act - Amends the Legislative Reorganization Act of 1946 to: (1) reduce the annual salary of Members of Congress to 90% of the mandatory rate determined for such positions; and (2) eliminate automatic pay adjustments for Members of Congress.

Requires the Secretary of the Treasury, as soon as practicable after the beginning of each fiscal year, to: (1) calculate the reduction in outlays expected to occur during the fiscal year as a result of the application of the amendments made by this Act; and (2) transfer an equivalent amount to a specified account in the Treasury to reduce the public debt.