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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 744 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 744

 To rescind certain Federal funds identified by States as unwanted and 
               use the funds to reduce the Federal debt.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             March 16, 2015

   Mr. Rubio (for himself, Mr. Barrasso, Mr. Coats, Mr. Inhofe, Mr. 
  Johnson, Mr. Portman, and Mr. Risch) introduced the following bill; 
  which was read twice and referred to the Committee on Appropriations

_______________________________________________________________________

                                 A BILL

 
 To rescind certain Federal funds identified by States as unwanted and 
               use the funds to reduce the Federal debt.

    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 ``Returned Exclusively For Unpaid 
National Debt Act'' or the ``REFUND Act''.

SEC. 2. USE OF UNWANTED FEDERAL FUNDS TO REDUCE FEDERAL DEBT.

    (a) Rescission of Unwanted Federal Funds.--There is rescinded, from 
any Federal funds required to be allocated by formula among all States 
that agree to use such funds for a specified purpose, an amount equal 
to the amount of such funds that would have otherwise been allocated to 
a State that identifies such funds under subsection (b) as unwanted.
    (b) Identification of Funds.--Subsection (a) shall only apply if, 
not later than the last date on which an application or State plan is 
required to be submitted in order for a State to be allocated, in an 
annual or biennial budget cycle, funds described in such subsection--
            (1) the State legislature with jurisdiction over such 
        budget cycle adopts a concurrent resolution identifying the 
        funds as unwanted; and
            (2) the State submits notice of the resolution described in 
        paragraph (1) to the agency head responsible for allocation of 
        the funds, in such form and manner and containing such 
        information as the agency head determines appropriate to make 
        the determination in subsection (c).
    (c) Determination of Amount To Be Rescinded.--An agency head that 
receives notice described in subsection (b)(2) shall determine and 
report to the Office of Management and Budget the amount to be 
rescinded under subsection (a).
    (d) Use for Reduction of Federal Debt.--Amounts rescinded under 
subsection (a) shall be deposited by the Secretary of the Treasury in 
the account entitled ``Gifts to the United States for Reduction of the 
Public Debt'' and used to reduce the Federal debt as provided in 
section 3113(d) of title 31, United States Code.
    (e) Annual Report.--The Secretary of the Treasury shall submit to 
the Congress each year a report identifying the amount deposited in the 
Treasury under subsection (d) with respect to each State in such year.
    (f) Definitions.--In this section:
            (1) The term ``agency head'' means the head of an agency of 
        the Federal Government.
            (2) The term ``State'' means--
                    (A) each of the several States;
                    (B) the District of Columbia; or
                    (C) any commonwealth, territory, or possession of 
                the United States.
                                 <all>
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