3.0.0 2967 2023-01-11T13:24:18Z 2023-01-11T13:24:18Z House H HR 2013-08-01 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHOCK:H.R. 2967.Congress has the power to enact this legislation pursuantto the following:The constitutional authority on which this bill rests isthe power of Congress as stated in Article I, Section 8 andArticle I, Section 9 of the United States Constitution.[Page H5347]]]> hsbu00 Budget Committee House Standing Referred to 2013-08-01T14:11:30Z INFORM Act 113 1351 S 2013-07-24 Read twice and referred to the Committee on the Budget. Identical bill CRS 2013-08-01 Referred to the House Committee on the Budget. IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2013-08-01 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-08-01 Introduced in House IntroReferral 1000 9 Library of Congress S001179 Rep. Schock, Aaron [R-IL-18] Aaron Schock R IL 18 N C000754 Rep. Cooper, Jim [D-TN-5] JAMES COOPER D TN H. 5 2013-08-01 True Y000064 Rep. Young, Todd [R-IN-9] Todd Young R IN C. 9 2013-08-02 False P000373 Rep. Pitts, Joseph R. [R-PA-16] JOSEPH PITTS R PA R. 16 2013-09-09 False B001280 Rep. Bentivolio, Kerry L. [R-MI-11] Kerry Bentivolio R MI L. 11 2013-10-11 False R000587 Rep. Ribble, Reid J. [R-WI-8] Reid Ribble R WI J. 8 2013-10-30 False W000672 Rep. Wolf, Frank R. [R-VA-10] FRANK WOLF R VA R. 10 2013-10-30 False C001095 Rep. Cotton, Tom [R-AR-4] Tom Cotton R AR 4 2013-11-13 False M001149 Rep. Michaud, Michael H. [D-ME-2] Michael Michaud D ME H. 2 2013-11-15 False Economics and Public Finance Accounting and auditing Budget deficits and national debt Budget process Congressional Budget Office (CBO) Economic performance and conditions Government Accountability Office (GAO) Government information and archives Income tax rates Economics and Public Finance 00 2013-08-01 Introduced in House 2013-09-13T19:38:12Z Intergenerational Financial Obligations Reform Act or INFORM Act - Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office (CBO) to provide certain information on any legislation or resolution considered in either chamber which would impact revenues or mandatory spending by greater than 0.5% of gross domestic product (GDP) over the following 10-fiscal-year period, and upon request by the Chairmen or Ranking Members of the congressional budget committees.

Requires such information to comprise:

  • a fiscal gap and generational accounting analysis, including any change in the analysis relative to the baseline; and
  • the federal deficit, at current spending levels, in the fiscal year that is 75 years after the fiscal year in which the legislation is being considered, as well as the stock of the debt in that 75th year.

Requires: (1) CBO to produce an annual fiscal gap and generational accounting analysis within its annual "Long-Term Budget Outlook" and post it on the CBO public website, and (2) the Comptroller General to produce a separate similar analysis within its annual "Long-Term Fiscal Outlook" and post it on the General Accountability Office (GAO) public website.

Requires the President's budget submission to Congress to include:

  • a fiscal gap and generational accounting analysis of the full budget proposal;
  • the same kind of analysis of specific policy changes that would impact revenues or mandatory spending by greater than 0.5% of GDP over the following 10-fiscal year period; and
  • the federal deficit, at current spending levels, in the fiscal year that is 75 years after the fiscal year in which the legislation is being considered, as well as the stock of the debt in that 75th year.
]]> INFORM Act Display Title INFORM Act Official Title as Introduced To provide for fiscal gap and generational accounting analysis in the legislative process, the President's budget, and annual long-term fiscal outlook reports. Introduced in House IH Short Titles as Introduced INFORM Act Short Titles as Introduced Intergenerational Financial Obligations Reform Act Introduced in House 2013-08-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr2967ih/xml/BILLS-113hr2967ih.xml 2013-08-01 Referred to the House Committee on the Budget. 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.