To require the Chairperson of the Financial Stability Oversight Council to provide contingency plans for a disruption in the timing of payment on Treasury securities, and for other purposes.

Bill: 118-hr-7691
Sponsor: full_name: Rep. Donalds, Byron [R-FL-19]
Introduced: 2024-03-15
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-03-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2024-03-15
action_desc: Introduced in House
text: <p>This bill requires the Financial Stability Oversight Council to report to Congress on the council’s contingency plans in the case of a disruption of Treasury securities payments. This includes disruptions due to systems failures, cyberattacks, natural disasters, terrorist attacks, and reaching the U.S. debt limit. The council must make recommendations for strategies to deal with delayed payments.</p>

tv_txt: I 118th CONGRESS 2d Session H. R. 7691 IN THE HOUSE OF REPRESENTATIVES March 15, 2024 Mr. Donalds introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Chairperson of the Financial Stability Oversight Council to provide contingency plans for a disruption in the timing of payment on Treasury securities, and for other purposes.

1. Contingency plans for a disruption in the timing of payment on Treasury securities Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Chairperson of the Financial Stability Oversight Council shall issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— (1) contingency plans in the case of a disruption in the timing of payment on Treasury securities, including disruptions due to a systems failure, cyberattack, natural disaster, terrorist attack, the event that the debt of the United States Government (as defined in section 3101 of title 31, United States Code) reaches the statutory limit, or any other contingency that could interrupt access to funding markets or could cause significant technical problems for the trading, clearing, and settlement of affected Treasury securities, including by causing delayed payments of interest or principal due on such securities; (2) recommendations of the Financial Stability Oversight Council for participants in the market for Treasury securities on overcoming, in the event of adverse contingencies, operational challenges the participants might face if payments on Treasury securities are delayed; and (3) recommendations of the Financial Stability Oversight Council for making payments on Treasury securities held by domestic or foreign individuals or entities if the debt of the United States Government (as defined in section 3101 of title 31, United States Code) reaches the statutory limit, extraordinary measures are exhausted, and incoming Federal receipts are insufficient to make timely payments on all incoming due debt obligations.