Text: H.R.2348 — 115th Congress (2017-2018)All Bill Information (Except Text)

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Introduced in House (05/03/2017)


115th CONGRESS
1st Session
H. R. 2348


To require the Secretary of the Treasury to issue American Infrastructure Opportunity Bonds when the real rate equals zero percent or less and deposit the proceeds from such bonds into the Highway Trust Fund, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

May 3, 2017

Mrs. Torres introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To require the Secretary of the Treasury to issue American Infrastructure Opportunity Bonds when the real rate equals zero percent or less and deposit the proceeds from such bonds into the Highway Trust Fund, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “American Infrastructure Opportunity Bonds Act”.

SEC. 2. American Infrastructure Opportunity Bonds.

Chapter 31 of title 31, United States Code, is amended—

(1) by adding at the end the following new subchapter:

“SUBCHAPTER IIIAMERICAN INFRASTRUCTURE OPPORTUNITY BONDS

§ 3131. Issuance of American Infrastructure Opportunity Bonds and use of proceeds

“(a) Issuance of bonds.—If the Secretary of the Treasury determines that the real rate is equal to zero percent or less, the Secretary shall—

“(1) issue Government bonds with a face value of $20,000,000,000; and

“(2) deposit amounts equivalent to the proceeds from such issuance into the Highway Trust Fund, of which 20 percent shall be deposited into the Mass Transit Account established under section 9503(e) of the Internal Revenue Code of 1986.

“(b) Definitions.—For purposes of this section:

“(1) FEDERAL INTEREST RATE.—The term ‘Federal interest rate’ means the current market yields on outstanding marketable obligations of the United States with remaining periods to maturity of approximately 1 year, as determined by the Secretary of the Treasury.

“(2) INFLATION RATE.—The term ‘inflation rate’ means the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor with respect to the previous calendar month.

“(3) REAL RATE.—The term ‘real rate’ means—

“(A) the Federal interest rate, minus

“(B) the inflation rate.”; and

(2) in the analysis for such chapter, by adding at the end the following:

“SUBCHAPTER III—AMERICAN INFRASTRUCTURE OPPORTUNITY BONDS”.


“3131. Issuance of American Infrastructure Opportunity Bonds and use of proceeds.”.