Full Faith and Credit Act

Bill: 113-hr-807
Sponsor: Rep. McClintock, Tom [R-CA-4]
Introduced: 2013-02-25 in the House
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt
Congressional oversight
Government employee pay, benefits, personnel management
Government trust funds
Interest, dividends, interest rates
Members of Congress
Securities
Social security and elderly assistance

Summary:
action_date: 2013-02-25
text: 
Full Faith and Credit Act - Finds that the Secretary of the Treasury shall take all necessary actions to ensure all U.S. obligations with regard to debt held by the public (public debt) are fully discharged when due. Declares that such actions may include the forgoing of obligations not related to public debt for a period of time the Secretary deems necessary.
 
Requires the authority of the Department of the Treasury to pay with legal tender the principal and interest on public debt to take priority over all other obligations incurred by the U.S. government in the event that the federal debt reaches the statutory limit.
 
Prescribes a special rule for insufficiency of funds to make public debt payments. Requires the Secretary, if expecting there will be insufficient funds available to dispose of public debt obligations on the next calendar day on which they are due, to extend the maturities of any other obligations and refuse to issue warrants (for any money drawn on the Treasury) to the extent necessary to provide funds the Secretary deems prudent to dispose of public debt obligations within the next 30 days.
 
Requires the Secretary, if receipts exceed those required to meet such public debt obligations, to prioritize the disposal of all other obligations either acquired for the government or delivered by an executive agency, and the issuance of warrants, in the order the Secretary considers advisable and in the public interest. 

 

action_date: 2013-04-30
text: 
Full Faith and Credit Act - Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act.
 
Prohibits the issued obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded.
 
Requires the Secretary, if such authority is exercised after enactment of this Act, to report weekly to specified congressional committees an accounting of: (1) the principal on mature obligations and interest due or accrued by the United States, and (2) any obligations issued pursuant to this Act.
 
Eliminates the reporting requirement after enactment of the first increase in the public debt limit after enactment of this Act.

action_date: 2013-05-09
text: 
Full Faith and Credit Act - Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act.
 
Prohibits: (1) the use of the issued obligations to pay compensation for Members of Congress, and (2) these obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded.
 
Requires the Secretary, if such authority is exercised after enactment of this Act, to report to specified congressional committees each week the authority is in use and provide an accounting of: (1) the principal on mature obligations and interest due or accrued by the United States, and (2) any obligations issued pursuant to this Act.


Legislative actions:
action_date: 2013-05-13
text: Received in the Senate and Read twice and referred to the Committee on Finance.
action_date: 2013-05-09
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2013-05-09
text: On passage Passed by the Yeas and Nays: 221 - 207 (Roll no. 142).
action_date: 2013-05-09
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 221 - 207 (Roll no. 142).
action_date: 2013-05-09
text: On motion to recommit with instructions Failed by recorded vote: 200 - 227 (Roll no. 141).
action_date: 2013-05-09
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2552)
action_date: 2013-05-09
text: DEBATE - The House proceeded with 10 minutes of debate on the Maffei motion to recommit with instructions pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment adding a new section pertaining to the prohibition on default that pays China first instead of protecting America's seniors, veterans, and those harmed by natural disasters. Subsequently, the reservation was removed.
action_date: 2013-05-09
text: Mr. Maffei moved to recommit with instructions to Ways and Means. (consideration: CR H2551-2553; text: CR H2551)
action_date: 2013-05-09
text: DEBATE - Pursuant to the provisions of H.Res. 202, the House proceeded with 10 minutes of debate on the Camp amendment.
action_date: 2013-05-09
text: DEBATE - The House continued with further debate on H.R. 807.
action_date: 2013-05-09
text: DEBATE - The House proceeded with one hour of debate on H.R. 807.
action_date: 2013-05-09
text: Rule provides for consideration of H.R. 807 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order.
action_date: 2013-05-09
text: Considered under the provisions of rule H. Res. 202. (consideration: CR H2539-2553; text of measure as reported in House: CR H2539)
action_date: 2013-05-08
text: Rule H. Res. 202 passed House.
action_date: 2013-05-07
text: Rules Committee Resolution H. Res. 202 Reported to House. Rule provides for consideration of H.R. 807 with 1 hour of general debate. Motion to recommit with or without instructions allowed. Measure will be considered read. A specified amendment is in order.
action_date: 2013-04-30
text: Placed on the Union Calendar, Calendar No. 29.
action_date: 2013-04-30
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-48.
action_date: 2013-04-30
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 113-48.
action_date: 2013-04-24
text: Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 14.
action_date: 2013-02-25
text: Referred to the House Committee on Ways and Means.
action_date: 2013-02-25
text: Introduced in House
action_date: 2013-02-25
text: Introduced in House