FUNDS Act

Bill: 114-hr-4496
Sponsor: full_name: Rep. Schweikert, David [R-AZ-6]
Introduced: 2016-02-08
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Civil actions and liability

Debt collection

Executive agency funding and structure
Latest action: action_date: 2016-02-08
text: Referred to the House Committee on the Judiciary.

Summaries:
action_date: 2016-02-08
action_desc: Introduced in House
text: <p><b>Funding Unpaid National Debt with Settlements Act or the FUNDS Act </b></p> <p>This bill requires funds collected by the federal government through legal settlements, fines, and penalties (excluding penalties or interest collected by the Internal Revenue Service under the Internal Revenue Code) to be deposited in the general fund of the Treasury for deficit reduction. </p> <p>(Under current law, federal agencies are permitted to spend funds from certain settlements, fines, and penalties for specified purposes.) </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4496 IN THE HOUSE OF REPRESENTATIVES February 8, 2016 Mr. Schweikert introduced the following bill; which was referred to the Committee on the Judiciary A BILL To provide that amounts collected by the Federal Government through legal settlements, fines, or financial penalties shall be deposited in the general fund of the Treasury for purposes of deficit reduction, and for other purposes.

1. Short title This Act may be cited as the Funding Unpaid National Debt with Settlements Act or the FUNDS Act . 2. Use of legal settlement, fines, or financial penalties collected by the Federal Government to reduce the debt (a) In general Notwithstanding any other provision of law, any covered funds shall be deposited in the general fund of the Treasury for purposes of deficit reduction. (b) Definition of covered funds In this section, the term covered funds means any civil penalty collected in a civil action brought by any Federal agency, any amounts received by a Federal agency in a settlement or consent decree entered in such an action, any fine levied in an administrative proceeding or pursuant to an agency rule, and any fine collected for any Federal criminal offense, but does not include any penalty or interest collected by the Internal Revenue Service under the Internal Revenue Code of 1986.