H.R.7478 - An act to facilitate the management of the public debt by permitting an increase in the investment yield on United States savings bonds above the existing 7 percentum ceiling, and by increasing the amount of the bonds paying interest in excess of 4 1/4 percentum which may be outstanding.96th Congress (1979-1980)
|Sponsor:||Rep. Ullman, Al [D-OR-2] (Introduced 06/03/1980)|
|Committees:||House - Ways and Means | Senate - Finance|
|Committee Reports:||S.Rept 96-911; H.Rept 96-1180|
|Latest Action:||10/03/1980 Public Law 96-377. (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.7478 — 96th Congress (1979-1980)All Information (Except Text)
(Measure passed House, amended)
Passed House amended (07/28/1980)
Amends the Second Liberty Bond Act to authorize the Secretary of the Treasury to increase the investment yield on U.S. savings bonds as long as the aggregate increases in a six month period do not exceed one percent per annum compounded semiannually (currently, there is a seven percent ceiling).
Increases the face amount of bonds with interest rates exceeding four and one-half percent which may be outstanding at any time from $50,000,000,000 to $54,000,000,000 (effective on enactment) and to $70,000,000,000 (effective October 1, 1980).