[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1497 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1497

  To amend title 31, United States Code, to require reporting by the 
  Secretary of the Treasury of reduction measures being used to avoid 
 defaulting on Government obligations in the event that the debt limit 
                  is reached, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 19, 2015

Mr. Huelskamp introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend title 31, United States Code, to require reporting by the 
  Secretary of the Treasury of reduction measures being used to avoid 
 defaulting on Government obligations in the event that the debt limit 
                  is reached, and for other purposes.

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

SECTION 1. REPORTING OF CERTAIN REDUCTION MEASURES.

    Section 3101 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(d) Reporting of Certain Reduction Measures.--
            ``(1) Initial notification.--In the event that the debt of 
        the United States Government reaches the statutory limit, the 
        Secretary of the Treasury shall--
                    ``(A) notify the Congress that the limit has been 
                reached; and
                    ``(B) notify the Congress if the Secretary has 
                begun using reduction measures to avoid defaulting on 
                obligations of the Government, and specify which 
                reduction measures are currently being used.
            ``(2) Daily public reporting.--For each day that the debt 
        of the United States Government is at the statutory limit, the 
        Secretary shall publicly disclose, on the website of the 
        Department of the Treasury, the following:
                    ``(A) All reduction measures currently being used 
                by the Secretary to avoid defaulting on obligations of 
                the Government.
                    ``(B) With respect to each reduction measure, 
                whether or not such measure is currently being used--
                            ``(i) the total dollar amount of such 
                        measure that has been used; and
                            ``(ii) the total dollar amount of such 
                        measure that the Secretary estimates is still 
                        available for use.
                    ``(C) The date on which the Secretary estimates 
                that all reduction measures will be exhausted, and the 
                Government will begin defaulting on its obligations.
            ``(3) Reduction measures defined.--For purposes of this 
        subsection, the term `reduction measures' means each of the 
        following:
                    ``(A) Directing or approving the issuance of debt 
                by the Federal Financing Bank for the purpose of 
                entering into an exchange transaction for debt that is 
                subject to the limit under this section.
                    ``(B) Suspending investments in the Government 
                Securities Investment Fund of the Thrift Savings Fund.
                    ``(C) Suspending investments in the stabilization 
                fund established under section 5302 of title 31, United 
                States Code.
                    ``(D) Suspending new investments in the Civil 
                Service Retirement and Disability Fund or the Postal 
                Service Retiree Health Benefits Fund.
                    ``(E) Selling or redeeming securities, obligations, 
                or other invested assets of the Civil Service 
                Retirement and Disability Fund or the Postal Service 
                Retiree Health Benefits Fund before maturity.
                    ``(F) Such other measures as the Secretary 
                determines appropriate.''.
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