H.R.807 - Full Faith and Credit Act113th Congress (2013-2014)
|Sponsor:||Rep. McClintock, Tom [R-CA-4] (Introduced 02/25/2013)|
|Committees:||House - Ways and Means | Senate - Finance|
|Committee Reports:||H. Rept. 113-48|
|Latest Action:||05/13/2013 Received in the Senate and Read twice and referred to the Committee on Finance.|
|Major Recorded Votes:||05/09/2013 : Passed House|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.807 — 113th Congress (2013-2014)All Bill Information (Except Text)
Passed House amended (05/09/2013)
Full Faith and Credit Act - Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act.
Prohibits: (1) the use of the issued obligations to pay compensation for Members of Congress, and (2) these obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded.
Requires the Secretary, if such authority is exercised after enactment of this Act, to report to specified congressional committees each week the authority is in use and provide an accounting of: (1) the principal on mature obligations and interest due or accrued by the United States, and (2) any obligations issued pursuant to this Act.