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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1244 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 1244

To establish a deficit reduction account and a Build America Account in 
                   the Treasury of the United States.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 4, 1993

   Mr. Wise introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL

 
To establish a deficit reduction account and a Build America Account in 
                   the Treasury of the United States.

    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 ``Deficit Reduction Account Act of 
1993''.

SEC. 2. ESTABLISHMENT OF DEFICIT REDUCTION ACCOUNT.

    (a) Establishment.--(1) There is established in the Treasury of the 
United States an account to be known as the ``Deficit Reduction 
Account'', consisting of such amounts as may be appropriated or 
credited to the Deficit Reduction Account as provided in this section.
    (2) The trustees of the Deficit Reduction Account shall be the 
Secretary of the Treasury and 2 members of the public (both of whom may 
not be of the same political party) and who shall be nominated by the 
President for a term of 4 years and subject to confirmation by the 
Senate.
    (b) Transfer to Fund of Amounts Specified in Subsequent Acts of 
Congress.--There is hereby appropriated to the Deficit Reduction 
Account amounts determined by the Secretary of the Treasury to be 
equivalent to amounts specified by subsequent Acts of Congress.
    (c) Transfers From the Fund.--(1)(A) It shall be the duty of the 
Secretary of the Treasury to invest such portion of the Deficit 
Reduction Account as is not required to meet current withdrawals. Such 
investments may be made only in interest-bearing obligations of the 
United States. For such purpose, such obligations may be acquired--
            (i) on original issue at the issue price, or
            (ii) by the purchase of outstanding obligations at the 
        market price.
    (B) Any obligation acquired by the Deficit Reduction Account under 
subparagraph (A) may be sold by the Secretary of the Treasury at the 
market price and the proceeds from such sale shall be credited to the 
Account.
    (2) For appropriation of interest earned on obligations in the 
Deficit Reduction Account to the Build America Account, see section 
3(b).

SEC. 3. ESTABLISHMENT OF BUILD AMERICA ACCOUNT.

    (a) Establishment.--(1) There is established in the Treasury of the 
United States an account to be known as the ``Build America Account'', 
consisting of such amounts as may be appropriated or credited to the 
Build America Account as provided in this section.
    (2) The trustees of the Build America Account shall be the same 
trustees as the trustees of the Deficit Reduction Account.
    (b) Transfer to the Account of Certain Amounts From Deficit 
Reduction Account.--There is hereby appropriated to the Build America 
Account the amount determined by the Secretary of the Treasury to be 
equal to the interest earned on obligations in the Deficit Reduction 
Account.
    (c) Transfers From the Account.--(1)(A) It shall be the duty of the 
Secretary of the Treasury to invest such portion of the Build America 
Account as is not required to meet current withdrawals. Such 
investments may be made only in interest-bearing obligations of the 
United States. For such purpose, such obligations may be acquired--
            (i) on original issue at the issue price, or
            (ii) by the purchase of outstanding obligations at the 
        market price.
    (B) Any obligation acquired by the Build America Account under 
subparagraph (A) may be sold by the Secretary of the Treasury at the 
market price and the proceeds from such sale shall be credited to the 
Account.
    (2) Interest earned on any obligations shall be credited to the 
Account.
    (3) Beginning 5 years after the date of enactment of this section, 
amounts in the Build America Account shall be available, as provided in 
appropriation Acts, for public investment.
    (d) Annual Reports.--The President shall report annually to each 
House of the Congress on the financial condition of the Deficit 
Reduction Account and the Build America Account and the extent to which 
each such fund has been used to carry out its purposes.

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