[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2348 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2348

      To require the Secretary of the Treasury to issue American 
Infrastructure Opportunity Bonds when the real rate equals zero percent 
or less and deposit the proceeds from such bonds into the Highway Trust 
                     Fund, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 3, 2017

 Mrs. Torres introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
      To require the Secretary of the Treasury to issue American 
Infrastructure Opportunity Bonds when the real rate equals zero percent 
or less and deposit the proceeds from such bonds into the Highway Trust 
                     Fund, 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. SHORT TITLE.

    This Act may be cited as the ``American Infrastructure Opportunity 
Bonds Act''.

SEC. 2. AMERICAN INFRASTRUCTURE OPPORTUNITY BONDS.

    Chapter 31 of title 31, United States Code, is amended--
            (1) by adding at the end the following new subchapter:

      ``SUBCHAPTER III--AMERICAN INFRASTRUCTURE OPPORTUNITY BONDS

``Sec. 3131. Issuance of American Infrastructure Opportunity Bonds and 
              use of proceeds
    ``(a) Issuance of Bonds.--If the Secretary of the Treasury 
determines that the real rate is equal to zero percent or less, the 
Secretary shall--
            ``(1) issue Government bonds with a face value of 
        $20,000,000,000; and
            ``(2) deposit amounts equivalent to the proceeds from such 
        issuance into the Highway Trust Fund, of which 20 percent shall 
        be deposited into the Mass Transit Account established under 
        section 9503(e) of the Internal Revenue Code of 1986.
    ``(b) Definitions.--For purposes of this section:
            ``(1) Federal interest rate.--The term `Federal interest 
        rate' means the current market yields on outstanding marketable 
        obligations of the United States with remaining periods to 
        maturity of approximately 1 year, as determined by the 
        Secretary of the Treasury.
            ``(2) Inflation rate.--The term `inflation rate' means the 
        change in the Consumer Price Index for All Urban Consumers 
        published by the Bureau of Labor Statistics of the Department 
        of Labor with respect to the previous calendar month.
            ``(3) Real rate.--The term `real rate' means--
                    ``(A) the Federal interest rate, minus
                    ``(B) the inflation rate.''; and
            (2) in the analysis for such chapter, by adding at the end 
        the following:

       ``subchapter iii--american infrastructure opportunity bonds

``3131. Issuance of American Infrastructure Opportunity Bonds and use 
                            of proceeds.''.
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