SEC. 5. QUARTERLY REPORT ON RISKS POSED BY FOREIGN 
HOLDINGS OF DEBT INSTRUMENTS OF THE 
UNITED STATES. 
(a) QUARTERLY REPORT.—Not later than March 31, 
June 30, September 30, and December 31 of each year, 
the President shall submit to the appropriate congres-
sional committees a report on the risks posed by foreign 
holdings of debt instruments of the United States, in both 
classified and unclassified form. 
(b) MATTERS TO BE INCLUDED.—Each report sub-
mitted under this section shall include the following: 
(1) The most recent data available on foreign 
holdings of debt instruments of the United States, 
which data shall not be older than the date that is 
7 months preceding the date of the report. 
(2) The country of domicile of all foreign credi-
tors who hold debt instruments of the United States. 
(3) The total amount of debt instruments of the 
United States that are held by the foreign creditors, 
broken out by the creditors’ country of domicile and 
by public, quasi-public, and private creditors. 
(4) For each foreign country listed in para-
graph (2)— 
(A) an analysis of the country’s purpose in 
holding debt instruments of the United States 
VerDate Mar 15 2010 
04:50 Jun 15, 2011
Jkt 099200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H2166.IH
H2166
rfrederick on DSKD9S0YB1PROD with BILLS
and long-term intentions with regard to such 
debt instruments; 
(B) an analysis of the current and foresee-
able risks to the long-term national security and 
economic stability of the United States posed by 
each country’s holdings of debt instruments of 
the United States; and 
(C) a specific determination of whether the 
level of risk identified under subparagraph (B) 
is acceptable or unacceptable. 
(c) PUBLIC
AVAILABILITY.—The President shall 
make each report required by subsection (a) available, in 
its unclassified form, to the public by posting it on the 
Internet in a conspicuous manner and location. 
SEC. 6. ANNUAL REPORT ON RISKS POSED BY THE FED-
ERAL DEBT OF THE UNITED STATES. 
(a) IN GENERAL.—Not later than December 31 of 
each year, the Comptroller General of the United States 
shall submit to the appropriate congressional committees 
a report on the risks to the United States posed by the 
Federal debt of the United States. 
(b) CONTENT OF REPORT.—Each report submitted 
under this section shall include the following: 
(1) An analysis of the current and foreseeable 
risks to the long-term national security and eco-
VerDate Mar 15 2010 
04:50 Jun 15, 2011
Jkt 099200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H2166.IH
H2166
rfrederick on DSKD9S0YB1PROD with BILLS
nomic stability of the United States posed by the 
Federal debt of the United States. 
(2) A specific determination of whether the lev-
els of risk identified under paragraph (1) are sus-
tainable. 
(3) If the determination under paragraph (2) is 
that the levels of risk are unsustainable, specific rec-
ommendations for reducing the levels of risk to sus-
tainable levels, in a manner that results in a reduc-
tion in Federal spending. 
SEC. 7. CORRECTIVE ACTION TO ADDRESS UNACCEPTABLE 
AND 
UNSUSTAINABLE 
RISKS 
TO 
UNITED 
STATES NATIONAL SECURITY AND ECONOMIC 
STABILITY. 
In any case in which the President determines under 
section 5(b)(4)(C) that a foreign country’s holdings of 
debt instruments of the United States pose an unaccept-
able risk to the long-term national security or economic 
stability of the United States, the President shall, within 
30 days of the determination— 
(1) formulate a plan of action to reduce the risk 
level to an acceptable and sustainable level, in a 
manner that results in a reduction in Federal spend-
ing; 
VerDate Mar 15 2010 
04:50 Jun 15, 2011
Jkt 099200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H2166.IH
H2166
rfrederick on DSKD9S0YB1PROD with BILLS
(2) submit to the appropriate congressional 
committees a report on the plan of action that in-
cludes a timeline for the implementation of the plan 
and recommendations for any legislative action that 
would be required to fully implement the plan; and 
(3) move expeditiously to implement the plan in 
order to protect the long-term national security and 
economic stability of the United States. 
Æ 
VerDate Mar 15 2010 
04:50 Jun 15, 2011
Jkt 099200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6301
E:\BILLS\H2166.IH
H2166
rfrederick on DSKD9S0YB1PROD with BILLS