3.0.0 1909 2019-02-20T23:22:59Z 2019-02-24T03:39:51Z Senate S S 2011-11-18 112 ssfi00 Finance Committee Senate Standing Referred to 2011-11-18T17:55:27Z War on Debt Act of 2011 112 146 HR 2011-01-05 Referred to the House Committee on Ways and Means. Related bill CRS 2011-11-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833) IntroReferral 2011-11-18 Sponsor introductory remarks on measure. (CR S7832-7833) IntroReferral B00100 9 Library of Congress 2011-11-18 Introduced in Senate IntroReferral 10000 9 Library of Congress E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. N Economics and Public Finance Budget deficits and national debt Securities Economics and Public Finance 00 2011-11-18 Introduced in Senate 2012-02-22T15:58:15Z Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "Buy Back America Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt.

Sets the redemption date of a Buy Back America Bond at 10 years from the date of issue and its maturity date at 20 years from such date. Requires annual anniversary interest payments, which shall not be includible in gross income under the Internal Revenue Code.

Requires such bonds to be issued at face value and in denominations of at least $25.

Allows redemption of such a Bond before 10 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit is less than 3% of gross domestic product (GDP), or (2) the public debt is less than 10% of GDP.

Limits the holding of a Buy Back America Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person.

Permits a Bond to be purchased by or transferred to an individual who provides a valid Social Security account number, not including a taxpayer identification number (TIN) provided by the Internal Revenue Service (IRS).

]]> A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds. Official Title as Introduced A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds. Display Title A bill to amend title 31, United States Code, to provide for the issuance of Buy Back America Bonds. Introduced in Senate 2011-11-18T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1909is/xml/BILLS-112s1909is.xml 2011-11-18 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7833) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.