3.0.0 3052 2023-01-11T13:24:16Z 2023-01-11T13:24:16Z House H HR 2013-08-02 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SCHWEIKERT:H.R. 3052.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the Constitution.[Page H5402]]]> hsap00 Appropriations Committee House Standing Referred to 2013-08-02T13:11:35Z hsba00 Financial Services Committee House Standing Referred to 2013-08-02T13:11:30Z hsgo00 Oversight and Accountability Committee House Standing Referred to 2013-08-02T13:11:25Z hswm00 Ways and Means Committee House Standing Referred to 2013-08-02T13:11:20Z Full Faith and Credit Act 113 807 HR 2013-05-13 Received in the Senate and Read twice and referred to the Committee on Finance. Related bill CRS 2013-08-02 Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsap00 Appropriations Committee 2013-08-02 Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-08-02 Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsgo00 Oversight and Accountability Committee 2013-08-02 Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2013-08-02 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-08-02 Introduced in House IntroReferral 1000 9 Library of Congress S001183 Rep. Schweikert, David [R-AZ-6] David Schweikert R AZ 6 N Economics and Public Finance Administrative remedies Budget deficits and national debt Congressional oversight Department of Housing and Urban Development Government buildings, facilities, and property Government employee pay, benefits, personnel management Government information and archives Government lending and loan guarantees Government studies and investigations Government trust funds Homelessness and emergency shelter Housing finance and home ownership Interest, dividends, interest rates Land transfers Members of Congress Securities Social security and elderly assistance Economics and Public Finance 00 2013-08-02 Introduced in House 2013-09-13T20:57:13Z Debt Ceiling Alternative Act - Prescibes presidential action if the Treasury issues for a quarter a marketable borrowing estimate that the federal debt will reach the statutory limit during that quarter. Requires the President, in that case, to ensure that the aggregate amounts deposited in the Treasury from the sale of specified assets and the disposal of real property, as well as the amount of any rescissions of certain unobligated balances, is sufficient to prevent the federal debt from reaching the statutory limit during the quarter.

Authorizes the President to order the sale of the following assets, depositing the proceeds in the Treasury:

  • on-balance sheet non-performing mortgages of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac),
  • other mortgages owned or held by them,
  • real estate owned properties of Fannie Mae and Freddie Mac, and
  • mortgage-backed securities held by the Board of Governors of the Federal Reserve System or any federal reserve bank.

Requires any funds realized through this Act to be used only for the retirement of old debt and issuance of new debt.

Requires the Director of the Office of Management and Budget (OMB) to conduct a five-year Federal Real Property Disposal Pilot Program, under which real property not meeting federal government needs may be disposed.

Prescribes requirements for the expedited disposal of such real property.

Limits to 750 the total number of cash sales of real properties to be disposed of over the five-year term.

Requires the Comptroller General (GAO) to report to Congress and make publicly available a study of the Program's effectiveness.

Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act.

Prohibits: (1) the use of the issued obligations to pay compensation for Members of Congress, and (2) these obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded.

Requires the Secretary, if such authority is exercised after enactment of this Act, to report to specified congressional committees each week the authority is in use and provide an accounting of: (1) the principal on mature obligations and interest due or accrued by the United States, and (2) any obligations issued pursuant to this Act.

Authorizes the President, if a federal budget deficit exists in 2014, to rescind by July 16, 2015, any unobligated balances of the funds made available before October 1, 2009.

]]> Debt Ceiling Alternative Act Display Title Debt Ceiling Alternative Act Official Title as Introduced To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached, to require the sale of Federal assets, and for other purposes. Introduced in House IH Short Titles as Introduced Debt Ceiling Alternative Act Introduced in House 2013-08-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3052ih/xml/BILLS-113hr3052ih.xml 2013-08-02 Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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.