I
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 Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Deficit Reduction Ac-
count Act of 1993’’.
SEC. 2. ESTABLISHMENT OF DEFICIT REDUCTION AC-
COUNT.
(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 ap-
propriated to the Deficit Reduction Account amounts de-
termined 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 ac-
quired—
(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 Sec-
retary of the Treasury at the market price and the pro-
ceeds from such sale shall be credited to the Account.
(2) For appropriation of interest earned on obliga-
tions in the Deficit Reduction Account to the Build Amer-
ica 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 Reduc-
tion 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 re-
quired 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 Ac-
count under subparagraph (A) may be sold by the Sec-
retary of the Treasury at the market price and the pro-
ceeds from such sale shall be credited to the Account.
(2) Interest earned on any obligations shall be cred-
ited 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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