H.R.3498 - Extraordinary Measures Transparency Act115th Congress (2017-2018) |
|Sponsor:||Rep. Messer, Luke [R-IN-6] (Introduced 07/27/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/27/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.3498 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (07/27/2017)
Extraordinary Measures Transparency Act
This bill requires the Department of the Treasury to report to Congress regarding extraordinary measures used to avoid exceeding the statutory debt limit.
Extraordinary measures include suspensions and delays of debt sales and auctions, suspending or redeeming investments in certain government funds, and issuing debt to enter into an exchange transaction for debt that is subject to the limit.
If Treasury determines that the public debt will reach the limit in 30 days, Treasury must submit a report to Congress that includes:
- a description of the extraordinary measures that Treasury intends to use if the debt limit is not raised,
- an estimate of the cost of the measures,
- a projection of how long the measures will fund the federal government, and
- a projection of the administrative cost of taking the measures.
Treasury must also submit specified daily reports to Congress when the measures are being used. After using the measures, Treasury must report to Congress regarding the measures that were used and the administrative cost of the measures.