[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3434 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3434

 To provide for the issuance of bonds for the benefit of the National 
                         Institutes of Health.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 3, 2007

   Mr. Pearce (for himself, Mr. Cleaver, and Mr. Burton of Indiana) 
 introduced the following bill; which was referred to the Committee on 
                             Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To provide for the issuance of bonds for the benefit of the National 
                         Institutes of Health.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Americans Saving Through Health 
Research Bonds Act of 2007''.

SEC. 2. HEALTH RESEARCH BONDS.

    Section 3105 of title 31, United States Code, is amended by adding 
at the end the following new subsection:
    ``(f) Health Research Bonds.--
            ``(1) Designation.--The Secretary may designate one or more 
        series of bonds or certificates (or any portion thereof) issued 
        under this section with respect to each institute of the 
        National Institutes of Health.
            ``(2) Portion of interest to benefit named institute.--
        Notwithstanding any other provision of this title, the 
        Secretary shall--
                    ``(A) deduct and withhold 10 percent of the amount 
                of any interest payable (determined without regard to 
                this paragraph) under any Health Research Bond, and
                    ``(B) pay any amount so withheld to the institute 
                of the National Institutes of Health with respect to 
                which such bond was designated for purposes of carrying 
                out the research activities of such institute.
        Any amount paid by the Secretary under subparagraph (B) shall 
        be treated for purposes of section 1305 as a payment of 
        interest on the public debt.
            ``(3) Recovery of costs.--The amount of payments made under 
        paragraph (2)(B) shall be reduced by such amount as the 
        Secretary determines is necessary to reimburse the Treasury for 
        any costs incurred by the Treasury by reason of the designation 
        of such bonds under this subsection. Any reduction under this 
        paragraph shall not exceed 5 percent of the payment determined 
        without regard to this paragraph.
            ``(4) Disclosure.--The Secretary shall, before selling any 
        Health Research Bond, provide notice to the purchaser of such 
        bond of the withholding requirement of paragraph (2) and of the 
        rate of interest on such bond after taking into account such 
        withholding.
            ``(5) Promotion.--The Secretary shall promote the 
        availability of Health Research Bonds, including through 
        programs which involve interested groups and organizations.
            ``(6) Health research bond.--For purposes of this 
        subsection, the term `Health Research Bond' means any bond or 
        certificate which is designated under paragraph (1).
            ``(7) Other funding not to be affected.--The amount of any 
        payment under paragraph (2)(B) shall not be taken into account 
        in any decision relating to the level of appropriations or 
        other Federal funding to be furnished to the National 
        Institutes of Health in any year.
            ``(8) Termination.--The Secretary shall not designate any 
        bond or certificate under paragraph (1) after the date which is 
        10 years after the date of the enactment of this subsection.''.
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