110 HR 3434 IH: Americans Saving Through Health U.S. House of Representatives 2007-08-03 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.

I 110th CONGRESS 1st Session H. R. 3434 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.

1.

Short title

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

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. .