Grant Return for Deficit Reduction Act

Bill: 114-hr-1325
Sponsor: full_name: Rep. Pompeo, Mike [R-KS-4]
Introduced: 2015-03-04
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Intergovernmental relations

State and local finance
Latest action: action_date: 2015-03-04
text: Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Appropriations, 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.

Summaries:
action_date: 2015-03-04
action_desc: Introduced in House
text: <p><b>Grant Return for Deficit Reduction Act </b></p> <p>This bill permits states and localities to return unused federal grant funds to the general fund of the Treasury for the purpose of deficit reduction. The Office of Management and Budget is required to submit to Congress a report detailing funds returned under this bill. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1325 IN THE HOUSE OF REPRESENTATIVES March 4, 2015 Mr. Pompeo introduced the following bill; which was referred to the Committee on Oversight and Government Reform , and in addition to the Committee on Appropriations , 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 A BILL To give States and localities the option to return unused Federal grant funds to the general fund of the Treasury for the purpose of deficit reduction.

1. Short title This Act may be cited as the Grant Return for Deficit Reduction Act . 2. Option to return Federal grant funds for purpose of deficit reduction (a) Return of funds If a grant is awarded by an executive agency of the Federal Government to a State or locality and the State or locality subsequently submits written notice as provided in subsection (b) that it will not use any remaining funds under the grant, any such remaining funds shall be deobligated and rescinded and returned to the general fund of the Treasury for the purpose of deficit reduction. (b) Notice Notice under subsection (a) shall include a statement of intent to return the remaining funds described in such subsection and the amount of such funds, and shall be submitted to— (1) the head of the executive agency described in such subsection; (2) the Director of the Office of Management and Budget; and (3) the Secretary of the Treasury. (c) Application Subsection (a) shall apply to remaining funds described in such subsection notwithstanding any provision of law that would otherwise provide for redistribution of such funds. (d) Reporting Not later than the first February 15 after the end of each fiscal year, the Director of the Office of Management and Budget shall compile and submit to the Congress a report including a description and the amount of all funds returned under subsection (a) in such fiscal year. (e) State defined For purposes of this section, the term State means each of the several States, the District of Columbia, each commonwealth, territory, or possession of the United States, and each federally recognized Indian tribe.