Truman Scholarship Fund Modernization Act

Bill: 109-hr-6206
Sponsor: Rep. English, Phil [R-PA-3]
Introduced: 2006-09-27 in the House
Policy area: Education
Subjects: Economics and Public Finance
Federal aid to education
Government securities
Government trust funds
Higher education
Investment of public funds
Scholarships

Summary:
action_date: 2006-09-27
text: 
Truman Scholarship Fund Modernization Act - Amends the Harry S Truman Memorial Scholarship Act to require the Secretary of the Treasury to invest amounts appropriated and contributed to the Harry S Truman Memorial Scholarship Trust Fund: (1) only at the request of the Board of Trustees of the Harry S Truman Scholarship Foundation; and (2) only in interest-bearing obligations of the United States issued directly to such Fund.
 
Repeals the Secretary's discretion to invest in obligations guaranteed as to principal and interest by the United States.
 Repeals the condition that such obligations shall be issued only if it is not in the public interest to purchase other interest-bearing obligations issued or guaranteed by the United States. 
Makes all requests of the Board binding on the Secretary.
 
Repeals the authority of the Secretary to sell any obligation acquired by the fund (except special obligations issued exclusively to it) at the market price.
 
Requires the Secretary, at the Board's request, to redeem any obligation issued directly to the fund.
 

action_date: 2006-12-07
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Truman Scholarship Fund Modernization Act - Amends the Harry S Truman Memorial Scholarship Act to require the Secretary of the Treasury to invest amounts appropriated and contributed to the Harry S Truman Memorial Scholarship Trust Fund: (1) only at the request of the Board of Trustees of the Harry S Truman Scholarship Foundation; and (2) only in interest-bearing obligations of the United States issued directly to such Fund.
 
Repeals the Secretary's discretion to invest in obligations guaranteed as to principal and interest by the United States.
 Repeals the condition that such obligations shall be issued only if it is not in the public interest to purchase other interest-bearing obligations issued or guaranteed by the United States. 
Makes all requests of the Board binding on the Secretary.
 
Repeals the authority of the Secretary to sell any obligation acquired by the fund (except special obligations issued exclusively to it) at the market price.
 
Requires the Secretary, at the Board's request, to redeem any obligation issued directly to the fund.
 


Legislative actions:
action_date: 2006-12-08
text: Received in the Senate.
action_date: 2006-12-07
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2006-12-07
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H8917-8918)
action_date: 2006-12-07
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H8917-8918)
action_date: 2006-12-07
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6206.
action_date: 2006-12-07
text: Considered under suspension of the rules. (consideration: CR H8917-8919)
action_date: 2006-12-07
text: Mr. Kuhl (NY) moved to suspend the rules and pass the bill.
action_date: 2006-11-02
text: Referred to the Subcommittee on 21st Century Competitiveness.
action_date: 2006-09-27
text: Referred to the House Committee on Education and the Workforce.
action_date: 2006-09-27
text: Introduced in House
action_date: 2006-09-27
text: Introduced in House