To require the Secretary of the Treasury to issue a report containing information on extraordinary measures available when the debt of the United States Government approaches the statutory limit, and for other purposes.

Bill: 118-hr-4651
Sponsor: full_name: Rep. Loudermilk, Barry [R-GA-11]
Introduced: 2023-07-14
Policy area: Economics and Public Finance
Latest action: action_date: 2023-07-14
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-07-14
action_desc: Introduced in House
text: <p>This bill requires the Department of the Treasury to issue a report when it uses extraordinary measures to meet federal funding obligations without issuing additional Treasury securities.&nbsp;</p><p>(The term <em>extraordinary&nbsp;measures&nbsp;</em>generally refers to actions that Treasury may implement to allow the United States to borrow additional funds without exceeding the statutory debt limit. The measures generally include suspensions or delays of debt sales and suspensions or&nbsp;redemptions of investments in certain government funds.)</p><p>The bill requires Treasury to issue the report to the voting members of the Financial Stability Oversight Council, the Office of Financial Research, the House Committee on Financial Services, and the Senate Committee on Banking, Housing, and Urban Affairs upon notifying Congress that it has begun using extraordinary measures. The report must include&nbsp;&nbsp;</p><ul><li>a list of available extraordinary measures, stated as a dollar amount;</li><li>a projection of the headroom under the debt limit (i.e., the difference between the current debt limit and the projected operating cash balance of the Treasury) afforded by each extraordinary measure;</li><li>a projection of the date on which all available headroom afforded by the use of extraordinary measures will be exhausted, the Treasury will have an operating cash balance at or below $50 billion, the debt will be within $50 billion of reaching the limit, and Treasury will be unable to make timely payments on the debt; and</li><li>an attestation by the Secretary of the Treasury as to whether the debt approaching the limit is an emerging threat to U.S. financial stability.&nbsp;</li></ul>

tv_txt: I 118th CONGRESS 1st Session H. R. 4651 IN THE HOUSE OF REPRESENTATIVES July 14, 2023 Mr. Loudermilk introduced the following bill; which was referred to the Committee on Ways and Means A BILL To require the Secretary of the Treasury to issue a report containing information on extraordinary measures available when the debt of the United States Government approaches the statutory limit, and for other purposes.

1. Report on extraordinary measures (a) In general Upon the Secretary of the Treasury notifying Congress that the Department of the Treasury has been forced to begin using extraordinary measures in order to meet Federal funding obligations without issuing additional Treasury securities, the Secretary of the Treasury shall issue a report to the voting members of the Financial Stability Oversight Council, the Office of Financial Research, the Committee on Financial Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— (1) a list of available extraordinary measures, stated as a dollar amount; (2) a projection of the headroom under the statutory limit for the debt of the United States Government (as defined in section 3101 of title 31, United States Code) afforded by each extraordinary measure (where headroom under the statutory debt limit refers to the difference between the current statutory debt limit and the projected operating cash balance of the Department of the Treasury); (3) a projection of the date on which— (A) all available headroom afforded by use of all available extraordinary measures will be exhausted; (B) the Department of the Treasury will have an operating cash balance at or below $50,000,000,000; (C) the debt of the United States Government will be within $50,000,000,000 of reaching the statutory limit; and (D) the Department of the Treasury will be unable to make timely payments on the debt of the United States Government; and (4) an attestation by the Secretary of the Treasury as to whether the debt of the United States Government approaching the statutory limit is an emerging threat to the financial stability of the United States. (b) Projection requirements Each projection required under subsection (a) shall include a point estimate forecast along with an accompanying 95 percent confidence interval.