Securing America's Future Economy Commission Act

Bill: 109-hr-5552
Sponsor: Rep. Wolf, Frank R. [R-VA-10]
Introduced: 2006-06-07 in the House
Policy area: Economics and Public Finance
Subjects: Balance of payments
Budget deficits
Congress
Congressional Record
Congressional committees (House)
Congressional committees (Senate)
Congressional reporting requirements
Cost accounting
Economic growth
Economic impact statements
Entitlements
Expedited congressional procedure
Federal advisory bodies
Federal budget process
Federal budgets
Finance and Financial Sector
Fiscal policy
Foreign Trade and International Finance
Foreign investments
Government Operations and Politics
Government securities
Government spending reductions
House Budget
House rules and procedure
Legislation
Public meetings
Saving and investment
Senate Budget
Senate rules and procedure
Social Welfare
Taxation

Summary:
action_date: 2006-06-07
text: 
Securing America's Future Economy Commission Act, or SAFE Commission Act - Establishes the Securing America's Future Economy (SAFE) Commission to develop legislation designed to address: (1) the unsustainable imbalance between long-term federal spending commitments and projected revenues; (2) increases in net national savings to provide for domestic investment and economic growth; (3) the implications of foreign ownership of debt instruments issued by the federal government; and (4) revision of the budget process to place greater emphasis on long-term fiscal issues.
 
Requires the Commission to: (1) develop one or two methods for estimating the cost of legislation as an alternative to the current Congressional Budget Office (CBO) method; and (2) hold at least one town-hall style public hearing within each federal reserve district.
 
Requires the Commission to submit a legislative proposal to Congress and the President. Authorizes the President to submit to Congress an alternative proposal. Authorizes the Committee on the Budget of either Chamber to publish its own alternative proposal in the Congressional Record.
 
Sets forth procedures for consideration of such legislation.
 
Requires CBO to prepare a long-term cost estimate and have it published in the Congressional Record as expeditiously as possible whenever requested to do so by the Commission, the President, or the chairman of the Committee on the Budget of either Chamber.


Legislative actions:
action_date: 2006-07-25
text: Sponsor introductory remarks on measure. (CR E1514-1516)
action_date: 2006-06-08
text: Sponsor introductory remarks on measure. (CR E1057-1059)
action_date: 2006-06-07
text: Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-06-07
text: Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-06-07
text: Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-06-07
text: Introduced in House
action_date: 2006-06-07
text: Introduced in House