Border Bonds for America Act of 2022
Bill: H.R.8371 | Sponsor: Rep. Palazzo, Steven M. (R-MS)
Policy area: Immigration

Summary:
Border Bonds for America Act of 2022
This bill directs the Department of the Treasury to issue up to $5 billion in bonds in a fiscal year, with proceeds going into a trust fund for the construction of reinforced fencing, physical barriers, and related infrastructure for the southwest border with Mexico. Treasury may issue such bonds for 30 years from the bill's enactment date.
The bill also authorizes Treasury to accept gifts of money for the same purpose.

To provide for the issuance of revenue bonds to fund construction of a 
  physical border barrier and related technology, roads, and lighting 
              along the United States border with Mexico.

    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 ``Border Bonds for America Act of 
2022''.

SEC. 2. BORDER BONDS.

    (a) Issuance.--The Secretary of the Treasury shall, pursuant to 
subchapter I of chapter 31 of title 31, United States Code, issue 
bonds, to be known as ``Border Bonds''.
    (b) Transfer of Revenue.--Proceeds from the issuance of Border 
Bonds shall be transferred to the Border Trust Fund as provided in 
section 9512(b) of the Internal Revenue Code of 1986.
    (c) Terms and Conditions.--
            (1) Term.--A bond issued under subsection (a) shall have a 
        term of 30 years.
            (2) Face amount limitation.--The face amount of bonds 
        issued under subsection (a) in any fiscal year shall not exceed 
        $5,000,000,000.
            (3) Other terms.--The bonds authorized by this subsection 
        shall be in such form and denominations, and shall be subject 
        to such terms and conditions of issue, conversion, redemption, 
        maturation, payment, and rate of interest as the Secretary may 
        prescribe, except that no interest shall be payable with 
        respect to such a bond before the date that is 10 years after 
        the date of the enactment of this subsection.
            (4) Sunset.--No bonds may be issued under subsection (a) 
        later than 30 years after the date of the enactment of this 
        Act.

SEC. 3. ACCEPTING GIFTS.

    Section 3113 of title 31, United States Code, is amended by adding 
at the end the following new subsection:
    ``(f) The Secretary of the Treasury may accept for the Government a 
gift of money made only on the condition that it be transferred to the 
Border Bonds Trust Fund as provided in section 9512(b) of the Internal 
Revenue Code of 1986.''.

SEC. 4. BORDER BONDS TRUST FUND.

    Chapter 98 of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new section:

``SEC. 9512. BORDER BONDS TRUST FUND.

    ``(a) Creation of Trust Fund.--There is established in the Treasury 
of the United States a trust fund to be known as the `Border Bonds 
Trust Fund', consisting of such amounts as may be apportioned or 
credited to such Trust Fund as provided in this section or section 
9602(b).
    ``(b) Transfers to Trust Fund.--There are hereby appropriated to 
the Trust Fund amounts equivalent to--
            ``(1) proceeds from the issuance of Border Bonds under 
        section 2 of the Border Bonds for America Act of 2022, and
            ``(2) gifts accepted under section 3113 of title 31, United 
        States Code.
    ``(c) Expenditures From Trust Fund.--Amounts in the Trust Fund 
shall be available, without further appropriation, to construct 
reinforced fencing and provide for the installation of additional 
physical barriers, roads, lighting, cameras, and sensors to gain 
operational control of the southwest border under section 102 of the 
Illegal Immigration Reform and Immigrant Responsibility Act of 1996 (8 
U.S.C. 1103 note).''.
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