I 
118TH CONGRESS 
1ST SESSION H. R. 1498 
To establish limitations on the amount of debt issued by the United States 
which may be held by foreign governments, entities, and individuals. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 9, 2023 
Mr. C. SCOTT FRANKLIN of Florida introduced the following bill; which was 
referred to the Committee on Ways and Means 
A BILL 
To establish limitations on the amount of debt issued by 
the United States which may be held by foreign govern-
ments, entities, and individuals. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘National Debt is Na-
tional Security Act’’. 
SEC. 2. LIMIT ON PUBLIC DEBT HELD BY FOREIGN GOV-
ERNMENTS, ENTITIES, AND INDIVIDUALS. 
(a) IN GENERAL.—Subchapter I of chapter 31 of title 
31, United States Code, is amended by inserting after sec-
tion 3113 the following: 
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‘‘§ 3114. Limit on public debt held by foreign govern-
ments, entities, and individuals 
‘‘(a) IN GENERAL.— 
‘‘(1) 
CUMULATIVE
LIMIT.—Notwithstanding 
any other provision of this chapter, the amount of 
the national debt which is cumulatively held by for-
eign governments, entities organized or incorporated 
under the laws of a foreign country, and citizens of 
foreign countries shall not exceed an amount equal 
to one-fourth of the national debt. 
‘‘(2) 
COUNTRY-SPECIFIC
LIMIT.—Notwith-
standing any other provision of this chapter, with re-
spect to any foreign country, the amount of the na-
tional debt which is cumulatively held by the govern-
ment of such country, entities organized or incor-
porated under the laws of such country, and citizens 
of such country shall not exceed an amount equal to 
5 percent of the national debt. 
‘‘(b) DETERMINATION.—The Secretary of the Treas-
ury, in coordination with the Director of the Office of 
Management and Budget, shall issue guidance regarding 
implementation of this section, including calculation of the 
amount of the national debt held by foreign governments, 
entities organized or incorporated under the laws of a for-
eign country, and citizens of foreign countries. 
‘‘(c) PRESIDENTIAL WAIVER.— 
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‘‘(1) IN GENERAL.—The President may waive 
the application of paragraph (1) or (2) of subsection 
(a) if the President determines and, pursuant to 
paragraph (2), so reports that the important na-
tional interest of the United States requires the ex-
ercise of such waiver authority. 
‘‘(2) 
CONGRESSIONAL
NOTIFICATION.—Not 
later than the date of the exercise of a waiver under 
paragraph (1), the President shall notify the Com-
mittee on Ways and Means of the House of Rep-
resentatives and the Committee on Finance of the 
Senate of the waiver or the intention to exercise the 
waiver, together with a detailed justification thereof. 
‘‘(d) NATIONAL DEBT.—For purposes of this section, 
the term ‘national debt’ means the face amount of obliga-
tions issued under this chapter and the face amount of 
obligations whose principal and interest are guaranteed by 
the United States Government (except guaranteed obliga-
tions held by the Secretary of the Treasury).’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
of subchapter I of chapter 31 of title 31, United States 
Code, is amended by inserting after the item relating to 
section 3113 the following: 
‘‘3114. Limit on public debt held by foreign governments, entities, and individ-
uals.’’. 
Æ 
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