To implement cost savings within the Department of the Treasury and the Department of Housing and Urban Development, and to terminate the Overseas Private Investment Corporation.

Summary: Reduce and End our Deficits Using Commonsense Eliminations in the Treas-HUD and OPIC Programs Act - Prohibits the total amount obligated in the Treasury for each of FY2011-FY2015 by: (1) the Bureau of the Public Debt from exceeding $186.244 million; and (2) the Financial Management Service from exceeding $235.132 million.

Requires the Secretary of the Treasury, for pay periods ending in FY2011 and subsequent fiscal years, in coordination with the Office of Personnel Management (OPM), to issue electronic pay stubs to Department of the Treasury employees who receive their pay by electronic funds transfer.

Amends the Internal Revenue Code to repeal the requirement for advance payment of the earned income tax credit.

Amends the United States Housing Act of 1939 to set the payment standard for a market area efficiency dwelling unit as the standard for rent subsidies under Section 8 of the housing voucher program for one-person households. Prohibits the use of the payment standard for a one-bedroom dwelling unit or any larger dwelling unit. OPIC Repeal Act - Abolishes the Overseas Private Investment Corporation (OPIC), and makes conforming amendments to the Foreign Assistance Act of 1961.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Reduce and End our 
Deficits Using Commonsense Eliminations in the Treas-HUD and OPIC 
Programs Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
                       TITLE I--TREASURY SAVINGS

Sec. 101. Limitations on obligation of funds for Bureau of the Public 
                            Debt and Financial Management Service.
Sec. 102. Electronic pay stubs for Treasury employees.
Sec. 103. Termination of advanced earned income credit.
                         TITLE II--HUD SAVINGS

Sec. 201. Rent subsidies under HUD section 8 housing choice voucher 
                            program for one-person households.
                      TITLE III--OPIC TERMINATION

Sec. 301. Short title.
Sec. 302. Termination of Overseas Private Investment Corporation.
Sec. 303. Savings provisions.
Sec. 304. Technical and conforming amendments.

                       TITLE I--TREASURY SAVINGS

SEC. 101. LIMITATIONS ON OBLIGATION OF FUNDS FOR BUREAU OF THE PUBLIC 
              DEBT AND FINANCIAL MANAGEMENT SERVICE.

    (a) Bureau of Public Debt.--The total amount obligated in each of 
fiscal years 2011 through 2015 by the Bureau of the Public Debt in the 
Department of the Treasury shall not exceed $186,244,000.
    (b) Financial Management Service.--The total amount obligated in 
each of fiscal years 2011 through 2015 by the Financial Management 
Service in the Department of the Treasury shall not exceed 
$235,132,000.

SEC. 102. ELECTRONIC PAY STUBS FOR TREASURY EMPLOYEES.

    (a) In General.--For pay periods ending in fiscal year 2011 and any 
fiscal year thereafter, the Secretary of the Treasury shall, in 
coordination with the Office of Personnel Management, issue electronic 
pay stubs to employees of the Department of the Treasury who receive 
their pay by electronic funds transfer.
    (b) Electronic Funds Transfer Defined.--For purposes of this 
section, the term ``electronic funds transfer'' has the meaning given 
such term by section 3332 of title 31, United States Code.

SEC. 103. TERMINATION OF ADVANCED EARNED INCOME CREDIT.

    (a) In General.--Chapter 25 of the Internal Revenue Code of 1986 is 
amended by striking section 3507 (relating to advance payment of earned 
income credit).
    (b) Conforming Amendments.--
            (1) Section 32 of such Code is amended by striking 
        subsection (g).
            (2) Section 6012(a) of such Code is amended by striking 
        paragraph (8) and redesignating paragraph (9) as paragraph (8).
            (3) Section 6051(a) of such Code is amended by striking 
        paragraph (7).
            (4) Section 6302 of such Code is amended by striking 
        subsection (i).
            (5) The table of sections for chapter 25 of such Code is 
        amended by striking the item relating to section 3507.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

                         TITLE II--HUD SAVINGS

SEC. 201. RENT SUBSIDIES UNDER HUD SECTION 8 HOUSING CHOICE VOUCHER 
              PROGRAM FOR ONE-PERSON HOUSEHOLDS.

    Paragraph (1) of section 8(o) of the United States Housing Act of 
1937 (42 U.S.C. 1437f(o)(1)) is amended by adding at the end the 
following new subparagraph:
            ``(F) Single person families.--In determining the amount of 
        monthly assistance under this subsection for any family that 
        consists of a single person who is initially provided such 
        assistance after the date of the enactment of the Reduce and 
        End our Deficits Using Commonsense Eliminations in the Treas-
        HUD and OPIC Programs Act or who moves to a new dwelling unit 
        after such date of enactment, the payment standard used shall 
        be the payment standard for the market area for an efficiency 
        dwelling unit and the payment standard for a one-bedroom 
        dwelling unit or any larger dwelling unit may not be used.''.

                      TITLE III--OPIC TERMINATION

SEC. 301. SHORT TITLE.

    This title may be cited as the ``OPIC Repeal Act''.

SEC. 302. TERMINATION OF OVERSEAS PRIVATE INVESTMENT CORPORATION.

    (a) Termination of Authority To Make New Obligations.--
            (1) Termination of authority.--Effective on the date of the 
        enactment of this Act, the Overseas Private Investment 
        Corporation shall not issue any insurance, guaranties, or 
        reinsurance, make any loan, or acquire any securities, under 
        section 234 of the Foreign Assistance Act of 1961, enter into 
        any agreements for any other activity authorized by such 
        section 234, or enter into risk sharing arrangements authorized 
        by section 234A of that Act.
            (2) Preservation of existing contracts and agreements.--
        Paragraph (1) does not require the termination of any contract 
        or other agreement entered into before the date of the 
        enactment of this Act.
    (b) Termination of OPIC.--Effective September 30, 2011, the 
Overseas Private Investment Corporation is abolished.
    (c) Transfer of Operations to AID.--The Administrator of the Agency 
for International Development shall, effective October 1, 2011, perform 
the functions of the Overseas Private Investment Corporation with 
respect to contracts and agreements described in subsection (a)(2) 
until the expiration of such contracts and agreements, but shall not 
renew any such contract or agreement. The Administrator shall take the 
necessary steps to wind up the affairs of the Corporation.
    (d) Repeal of Authorities.--Effective September 30, 2011, title IV 
of chapter 2 of part I of the Foreign Assistance Act of 1961 (22 U.S.C. 
2191 and following) is repealed, but shall continue to apply with 
respect to functions performed by the Administrator of the Agency for 
International Development under subsection (c).
    (e) Appropriations.--Funds available to the Overseas Private 
Investment Corporation shall, upon the effective date of the repeal 
made by subsection (d), be transferred to the Administrator of the 
Agency for International Development for use in performing the 
functions of the Corporation under subsection (c). Upon the expiration 
of the contracts and agreements with respect to which the Administrator 
is exercising such functions, any unexpended balances of the funds 
transferred under this subsection shall be deposited in the Treasury as 
miscellaneous receipts.

SEC. 303. SAVINGS PROVISIONS.

    (a) Prior Determinations Not Affected.--The repeal made by section 
302(d) of the provisions of law set forth in such subsection shall not 
affect any order, determination, regulation, or contract that has been 
issued, made, or allowed to become effective under such provisions 
before the effective date of the repeal. All such orders, 
determinations, regulations, and contracts shall continue in effect 
until modified, superseded, terminated, set aside, or revoked in 
accordance with law by the President, the Administrator of the Agency 
for International Development, another authorized official, or a court 
of competent jurisdiction, or by operation of law.
    (b) Pending Proceedings.--
            (1) Effect on pending proceedings.--
                    (A) In general.--The repeal made by section 302(d) 
                shall not affect any proceedings, including notices of 
                proposed rulemaking, pending on the effective date of 
                the repeal, before the Overseas Private Investment 
                Corporation, except that no insurance, reinsurance, 
                guarantee, or loan may be issued pursuant to any 
                application pending on such effective date. Such 
                proceedings, to the extent that they relate to 
                functions performed by the Administrator of the Agency 
                for International Development after such repeal, shall 
                be continued. Orders shall be issued in such 
                proceedings, appeals shall be taken therefrom, and 
                payments shall be made pursuant to such orders, as if 
                this section had not been enacted; and orders issued in 
                any such proceedings shall continue in effect until 
                modified, terminated, superseded, or revoked by the 
                Administrator of the Agency for International 
                Development, by a court of competent jurisdiction, or 
                by operation of law.
                    (B) Construction.--Nothing in this paragraph shall 
                be deemed to prohibit the discontinuance or 
                modification of any proceeding described in 
                subparagraph (A) under the same terms and conditions 
                and to the same extent that such proceeding could have 
                been discontinued or modified if this section had not 
                been enacted.
            (2) Regulations for transfer of proceedings.--The 
        Administrator of the Agency for International Development may 
        issue regulations providing for the orderly transfer of 
        proceedings continued under paragraph (1).
    (c) Actions.--Except as provided in subsection (e)--
            (1) the provisions of this section shall not affect suits 
        commenced before the effective date of the repeal made by 
        section 302(d); and
            (2) in all such suits, proceedings shall be had, appeals 
        taken, and judgments rendered in the same manner and effect as 
        if this section had not been enacted.
    (d) Liabilities Incurred.--No suit, action, or other proceeding 
commenced by or against an individual in the official capacity of such 
individual as an officer of the Overseas Private Investment Corporation 
shall abate by reason of the enactment of this section. No cause of 
action by or against the Overseas Private Investment Corporation, or by 
or against any officer thereof in the official capacity of such 
officer, shall abate by reason of the enactment of this section.
    (e) Parties.--If, before the effective date of the repeal made by 
section 302(d), the Overseas Private Investment Corporation or an 
officer thereof in the official capacity of such officer, is a party to 
a suit, then such suit shall be continued with the Administrator of the 
Agency for International Development substituted or added as a party.
    (f) Review.--Orders and actions of the Administrator of the Agency 
for International Development in the exercise of functions of the 
Overseas Private Investment Corporation shall be subject to judicial 
review to the same extent and in the same manner as if such orders and 
actions had been issued or taken by the Overseas Private Investment 
Corporation. Any statutory requirements relating to notice, hearings, 
action upon the record, or administrative review that apply to any 
function of the Overseas Private Investment Corporation shall apply to 
the exercise of such function by the Administrator of the Agency for 
International Development.

SEC. 304. TECHNICAL AND CONFORMING AMENDMENTS.

    (a) Title 5, United States Code.--(1) Section 5314 of title 5, 
United States Code, is amended by striking:
            ``President, Overseas Private Investment Corporation.''.
    (2) Section 5315 of title 5, United States Code, is amended by 
striking:
            ``Executive Vice President, Overseas Private Investment 
        Corporation.''.
    (3) Section 5316 of title 5, United States Code, is amended by 
striking:
            ``Vice Presidents, Overseas Private Investment Corporation 
        (3).''.
    (b) Other Amendments and Repeals.--(1) Section 222(a) of the 
Foreign Assistance Act of 1961 (22 U.S.C. 2182) is amended by inserting 
after ``section 238(c)'' the following: ``as in effect on the day 
before the effective date of the repeal of that section made by section 
302(d) of the OPIC Repeal Act''.
    (2) Section 222A of the Foreign Assistance Act of 1961 (22 U.S.C. 
2182a) is amended--
            (A) by striking subsections (f) and (g); and
            (B) by redesignating subsections (h) and (i) as subsections 
        (f) and (g), respectively.
    (3) Section 499B(b) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2296b(b)) is amended--
            (A) by striking paragraph (2); and
            (B) by redesignating paragraph (3) as paragraph (2).
    (4) Section 2301(b)(9) of the Export Enhancement Act of 1988 (15 
U.S.C. 4721(b)(9)) is amended by striking ``the Overseas Private 
Investment Corporation,''.
    (5) Section 2312(d)(1) of the Export Enhancement Act of 1988 (15 
U.S.C. 4727(d)(1)) is amended--
            (A) by striking subparagraph (K); and
            (B) by redesignating subparagraphs (L) and (M) as 
        subparagraphs (K) and (L), respectively.
    (6) Section 5402(b) of the Omnibus Trade and Competitiveness Act of 
1988 (15 U.S.C. 4902(b)) is amended--
            (A) in paragraph (12), by adding ``and'' after the 
        semicolon;
            (B) by striking paragraph (13); and
            (C) by redesignating paragraph (14) as paragraph (13).
    (7) Section 625(a) of the Higher Education Act of 1965 (20 U.S.C. 
1131c(a)) is amended by striking ``the Overseas Private Investment 
Corporation,''.
    (8) Section 481(e)(4)(A) of the Foreign Assistance Act of 1961 (22 
U.S.C. 2291(e)(4)(A)) is amended by striking ``(including programs 
under title IV of chapter 2, relating to the Overseas Private 
Investment Corporation)''.
    (9) Section 202(b)(2)(B) of the Cuban Liberty and Democratic 
Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)) is 
amended--
            (A) by striking clause (iv); and
            (B) by redesignating clauses (v), (vi), and (vii) as 
        clauses (iv), (v), and (vi), respectively.
    (10) Section 103(7)(A) of the Victims of Trafficking and Violence 
Protection Act of 2000 (22 U.S.C. 7102(7)(A)) is amended--
            (A) in clause (vii), by adding ``and'' after the semicolon;
            (B) by striking clause (viii); and
            (C) by redesignating clause (ix) as clause (viii).
    (11) Section 405(a)(10) of the International Religious Freedom Act 
of 1998 (22 U.S.C. 6445(a)(10)) is amended by striking ``, the Overseas 
Private Investment Corporation,''.
    (12) Section 732(b) of the Global Environmental Protection 
Assistance Act of 1989 (22 U.S.C. 7902(b)) is amended by striking ``the 
Overseas Private Investment Corporation,''.
    (13) Section 916(a)(2) of the Energy Independence and Security Act 
of 2007 (42 U.S.C. 17336(a)(2)) is amended--
            (A) by striking subparagraph (I); and
            (B) by redesignating subparagraphs (J) through (M) as 
        subparagraphs (I) through (L), respectively.
    (14) Section 6(d)(1) of the Belarus Democracy Act of 2004 (22 
U.S.C. 5811 note) is amended by striking ``and the Overseas Private 
Investment Corporation''.
    (15) The following provisions of law are repealed:
            (A) Section 5(b)(2) of the Overseas Private Investment 
        Corporation Amendments Act of 1981 (22 U.S.C. 2194a).
            (B) Section 5 of the Taiwan Relations Act (22 U.S.C. 3304).
            (C) Section 2(c)(12) of the Support for East European 
        Democracy (SEED) Act of 1989 (22 U.S.C. 5401(c)(12)).
            (D) Section 9101(3)(H) of title 31, United States Code.
            (E) Section 123 of the African Growth and Opportunity Act 
        (19 U.S.C. 3733), and the item relating to that section in the 
        table of contents of that Act.
            (F) Section 104 of the Africa: Seeds of Hope Act of 1998 
        (22 U.S.C. 2293), and the item relating to that section in the 
        table of contents for that Act.
            (G) Section 914 of the Energy Independence and Security Act 
        of 2007 (42 U.S.C. 17334), and the item relating to that 
        section in the table of contents for that Act.
    (c) Effective Date.--The amendments and repeals made by this 
subsection shall take effect on October 1, 2011.