S.692 - REFUND Act113th Congress (2013-2014)
|Sponsor:||Sen. Rubio, Marco [R-FL] (Introduced 04/10/2013)|
|Committees:||Senate - Appropriations|
|Latest Action:||04/10/2013 Read twice and referred to the Committee on Appropriations.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: S.692 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (04/10/2013)
Returned Exclusively For Unpaid National Debt Act or REFUND Act - Rescinds unwanted amounts, as identified by a state from a projected allocation, from any federal funds required to be allocated by formula among all states that agree to use them for a specified purpose.
Prescribes a procedure by which a state legislature may identify a projected federal allocation as unwanted funds.
Requires such rescinded amounts to: (1) be deposited by the Secretary of the Treasury in the special fund account entitled "Gifts to Reduce Debt Held by the Public, Bureau of the Public Debt, Treasury"; and (2) be used to reduce the federal debt.