Freedom Bonds Act of 2001

Freedom Bonds Act of 2001 - Authorizes the Secretary of the Treasury to designate Freedom Bonds in response to the acts of terrorism perpetrated against the United States on September 11, 2001.

Instructs the Commissioner of the Public Debt to study and report to certain congressional committees on the administrative costs of the Bureau of the Public Debt associated with managing the public debt, including, with respect to the various types of debt instruments, interest rate costs and personnel and processing costs related to issuing, redeeming, and otherwise administering the instruments on both an annual basis and on a transaction basis.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2899 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2899

   To authorize the Secretary of the Treasury to issue War Bonds in 
support of recovery and response efforts relating to the September 11, 
2001 hijackings and attacks on the Pentagon and the World Trade Center, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 17, 2001

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

_______________________________________________________________________

                                 A BILL


 
   To authorize the Secretary of the Treasury to issue War Bonds in 
support of recovery and response efforts relating to the September 11, 
2001 hijackings and attacks on the Pentagon and the World Trade Center, 
                        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 ``War Bonds Act of 2001''.

SEC. 2. FINDINGS AND PURPOSE.

    (a) Findings.--Congress finds that--
            (1) on September 11, 2001, acts of war were committed 
        against the United States of America, injuring and killing 
        thousands of innocent civilians;
            (2) while these acts of war were directed at symbols of 
        America's military and economic superiority, the United States 
        remains the most prosperous and free Nation on earth;
            (3) among the innocent Americans killed in these attacks 
        were some of our bravest fire, police, and rescue personnel, 
        who gave their lives in an attempt to save their fellow 
        citizens;
            (4) the American people are resilient and resolute in their 
        commitment to the defense of our Nation and are unbowed in the 
        face of our Nation's perils;
            (5) throughout our history and during the darkest hours of 
        our Nation, the American people instinctively and unfailingly 
        have answered the call to action and have rallied to the cause 
        of freedom, democracy, and justice;
            (6) in this time of crisis, the American people have proven 
        to be compassionate and generous in making sacrifices and 
        providing support for the defense of our Nation and the welfare 
        of their fellow citizens;
            (7) from May 1941 through 1945, the American people 
        selflessly purchased more than $185,000,000,000 in Government 
        war bonds to finance the Allied victory over our Axis enemies;
            (8) the ongoing war against the scourge of terrorism will 
        require the United States to expend unprecedented resources to 
        rescue the injured, rebuild the broken, and retaliate against 
        the enemy; and
            (9) the United States must call upon this same charitable 
        and patriotic spirit to once again ensure that our families, 
        our freedoms, and our uniquely American way of life are 
        protected.
    (b) Purpose.--The purpose of this Act is to establish a new class 
of Government bonds to finance the rebuilding effort necessitated by 
the September 11, 2001, hijackings and attacks on the Pentagon and the 
World Trade Center.

SEC. 3. AUTHORIZATION FOR THE ISSUANCE OF WAR BONDS.

    Section 3102 of title 31, United States Code, is amended by adding 
at the end the following:
    ``(f) War Bonds Authorized.--
            ``(1) In general.--The Secretary may issue bonds, to be 
        known as `War Bonds', under this section in response to the 
        acts of terrorism perpetrated against the United States on 
        September 11, 2001.
            ``(2) Form.--The bonds authorized by paragraph (1) shall be 
        in such form and denominations, and shall be subject to such 
        terms and conditions of issue, conversion, redemption, 
        maturation, payment, and rate of interest as the Secretary may 
        prescribe.''.
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