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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7691 Introduced in House (IH)]

<DOC>

118th CONGRESS
  2d Session
                                H. R. 7691

To require the Chairperson of the Financial Stability Oversight Council 
to provide contingency plans for a disruption in the timing of payment 
            on Treasury securities, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 15, 2024

 Mr. Donalds introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
To require the Chairperson of the Financial Stability Oversight Council 
to provide contingency plans for a disruption in the timing of payment 
            on Treasury securities, 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. CONTINGENCY PLANS FOR A DISRUPTION IN THE TIMING OF PAYMENT 
              ON TREASURY SECURITIES.

    Not later than the end of the 180-day period beginning on the date 
of enactment of this Act, the Chairperson of the Financial Stability 
Oversight Council shall issue a report to the Committee on Financial 
Services of the House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate containing--
            (1) contingency plans in the case of a disruption in the 
        timing of payment on Treasury securities, including disruptions 
        due to a systems failure, cyberattack, natural disaster, 
        terrorist attack, the event that the debt of the United States 
        Government (as defined in section 3101 of title 31, United 
        States Code) reaches the statutory limit, or any other 
        contingency that could interrupt access to funding markets or 
        could cause significant technical problems for the trading, 
        clearing, and settlement of affected Treasury securities, 
        including by causing delayed payments of interest or principal 
        due on such securities;
            (2) recommendations of the Financial Stability Oversight 
        Council for participants in the market for Treasury securities 
        on overcoming, in the event of adverse contingencies, 
        operational challenges the participants might face if payments 
        on Treasury securities are delayed; and
            (3) recommendations of the Financial Stability Oversight 
        Council for making payments on Treasury securities held by 
        domestic or foreign individuals or entities if the debt of the 
        United States Government (as defined in section 3101 of title 
        31, United States Code) reaches the statutory limit, 
        extraordinary measures are exhausted, and incoming Federal 
        receipts are insufficient to make timely payments on all 
        incoming due debt obligations.
                                 <all>
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