Reduce and End our Deficits Using Commonsense Eliminations in the Treas-HUD and OPIC Programs Act - Prohibits the total amount obligated in the Treasury for each of FY2011-FY2015 by: (1) the Bureau of the Public Debt from exceeding $186.244 million; and (2) the Financial Management Service from exceeding $235.132 million.
Requires the Secretary of the Treasury, for pay periods ending in FY2011 and subsequent fiscal years, in coordination with the Office of Personnel Management (OPM), to issue electronic pay stubs to Department of the Treasury employees who receive their pay by electronic funds transfer.
Amends the Internal Revenue Code to repeal the requirement for advance payment of the earned income tax credit.
Amends the United States Housing Act of 1939 to set the payment standard for a market area efficiency dwelling unit as the standard for rent subsidies under Section 8 of the housing voucher program for one-person households. Prohibits the use of the payment standard for a one-bedroom dwelling unit or any larger dwelling unit.
OPIC Repeal Act - Abolishes the Overseas Private Investment Corporation (OPIC), and makes conforming amendments to the Foreign Assistance Act of 1961.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5782 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 5782
To implement cost savings within the Department of the Treasury and the
Department of Housing and Urban Development, and to terminate the
Overseas Private Investment Corporation.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 20, 2010
Mr. Adler of New Jersey (for himself, Mr. Peters, Mr. Himes, and Mr.
Welch) introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committees on
Financial Services and Foreign Affairs, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To implement cost savings within the Department of the Treasury and the
Department of Housing and Urban Development, and to terminate the
Overseas Private Investment Corporation.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Reduce and End our
Deficits Using Commonsense Eliminations in the Treas-HUD and OPIC
Programs Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--TREASURY SAVINGS
Sec. 101. Limitations on obligation of funds for Bureau of the Public
Debt and Financial Management Service.
Sec. 102. Electronic pay stubs for Treasury employees.
Sec. 103. Termination of advanced earned income credit.
TITLE II--HUD SAVINGS
Sec. 201. Rent subsidies under HUD section 8 housing choice voucher
program for one-person households.
TITLE III--OPIC TERMINATION
Sec. 301. Short title.
Sec. 302. Termination of Overseas Private Investment Corporation.
Sec. 303. Savings provisions.
Sec. 304. Technical and conforming amendments.
TITLE I--TREASURY SAVINGS
SEC. 101. LIMITATIONS ON OBLIGATION OF FUNDS FOR BUREAU OF THE PUBLIC
DEBT AND FINANCIAL MANAGEMENT SERVICE.
(a) Bureau of Public Debt.--The total amount obligated in each of
fiscal years 2011 through 2015 by the Bureau of the Public Debt in the
Department of the Treasury shall not exceed $186,244,000.
(b) Financial Management Service.--The total amount obligated in
each of fiscal years 2011 through 2015 by the Financial Management
Service in the Department of the Treasury shall not exceed
$235,132,000.
SEC. 102. ELECTRONIC PAY STUBS FOR TREASURY EMPLOYEES.
(a) In General.--For pay periods ending in fiscal year 2011 and any
fiscal year thereafter, the Secretary of the Treasury shall, in
coordination with the Office of Personnel Management, issue electronic
pay stubs to employees of the Department of the Treasury who receive
their pay by electronic funds transfer.
(b) Electronic Funds Transfer Defined.--For purposes of this
section, the term ``electronic funds transfer'' has the meaning given
such term by section 3332 of title 31, United States Code.
SEC. 103. TERMINATION OF ADVANCED EARNED INCOME CREDIT.
(a) In General.--Chapter 25 of the Internal Revenue Code of 1986 is
amended by striking section 3507 (relating to advance payment of earned
income credit).
(b) Conforming Amendments.--
(1) Section 32 of such Code is amended by striking
subsection (g).
(2) Section 6012(a) of such Code is amended by striking
paragraph (8) and redesignating paragraph (9) as paragraph (8).
(3) Section 6051(a) of such Code is amended by striking
paragraph (7).
(4) Section 6302 of such Code is amended by striking
subsection (i).
(5) The table of sections for chapter 25 of such Code is
amended by striking the item relating to section 3507.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
TITLE II--HUD SAVINGS
SEC. 201. RENT SUBSIDIES UNDER HUD SECTION 8 HOUSING CHOICE VOUCHER
PROGRAM FOR ONE-PERSON HOUSEHOLDS.
Paragraph (1) of section 8(o) of the United States Housing Act of
1937 (42 U.S.C. 1437f(o)(1)) is amended by adding at the end the
following new subparagraph:
``(F) Single person families.--In determining the amount of
monthly assistance under this subsection for any family that
consists of a single person who is initially provided such
assistance after the date of the enactment of the Reduce and
End our Deficits Using Commonsense Eliminations in the Treas-
HUD and OPIC Programs Act or who moves to a new dwelling unit
after such date of enactment, the payment standard used shall
be the payment standard for the market area for an efficiency
dwelling unit and the payment standard for a one-bedroom
dwelling unit or any larger dwelling unit may not be used.''.
TITLE III--OPIC TERMINATION
SEC. 301. SHORT TITLE.
This title may be cited as the ``OPIC Repeal Act''.
SEC. 302. TERMINATION OF OVERSEAS PRIVATE INVESTMENT CORPORATION.
(a) Termination of Authority To Make New Obligations.--
(1) Termination of authority.--Effective on the date of the
enactment of this Act, the Overseas Private Investment
Corporation shall not issue any insurance, guaranties, or
reinsurance, make any loan, or acquire any securities, under
section 234 of the Foreign Assistance Act of 1961, enter into
any agreements for any other activity authorized by such
section 234, or enter into risk sharing arrangements authorized
by section 234A of that Act.
(2) Preservation of existing contracts and agreements.--
Paragraph (1) does not require the termination of any contract
or other agreement entered into before the date of the
enactment of this Act.
(b) Termination of OPIC.--Effective September 30, 2011, the
Overseas Private Investment Corporation is abolished.
(c) Transfer of Operations to AID.--The Administrator of the Agency
for International Development shall, effective October 1, 2011, perform
the functions of the Overseas Private Investment Corporation with
respect to contracts and agreements described in subsection (a)(2)
until the expiration of such contracts and agreements, but shall not
renew any such contract or agreement. The Administrator shall take the
necessary steps to wind up the affairs of the Corporation.
(d) Repeal of Authorities.--Effective September 30, 2011, title IV
of chapter 2 of part I of the Foreign Assistance Act of 1961 (22 U.S.C.
2191 and following) is repealed, but shall continue to apply with
respect to functions performed by the Administrator of the Agency for
International Development under subsection (c).
(e) Appropriations.--Funds available to the Overseas Private
Investment Corporation shall, upon the effective date of the repeal
made by subsection (d), be transferred to the Administrator of the
Agency for International Development for use in performing the
functions of the Corporation under subsection (c). Upon the expiration
of the contracts and agreements with respect to which the Administrator
is exercising such functions, any unexpended balances of the funds
transferred under this subsection shall be deposited in the Treasury as
miscellaneous receipts.
SEC. 303. SAVINGS PROVISIONS.
(a) Prior Determinations Not Affected.--The repeal made by section
302(d) of the provisions of law set forth in such subsection shall not
affect any order, determination, regulation, or contract that has been
issued, made, or allowed to become effective under such provisions
before the effective date of the repeal. All such orders,
determinations, regulations, and contracts shall continue in effect
until modified, superseded, terminated, set aside, or revoked in
accordance with law by the President, the Administrator of the Agency
for International Development, another authorized official, or a court
of competent jurisdiction, or by operation of law.
(b) Pending Proceedings.--
(1) Effect on pending proceedings.--
(A) In general.--The repeal made by section 302(d)
shall not affect any proceedings, including notices of
proposed rulemaking, pending on the effective date of
the repeal, before the Overseas Private Investment
Corporation, except that no insurance, reinsurance,
guarantee, or loan may be issued pursuant to any
application pending on such effective date. Such
proceedings, to the extent that they relate to
functions performed by the Administrator of the Agency
for International Development after such repeal, shall
be continued. Orders shall be issued in such
proceedings, appeals shall be taken therefrom, and
payments shall be made pursuant to such orders, as if
this section had not been enacted; and orders issued in
any such proceedings shall continue in effect until
modified, terminated, superseded, or revoked by the
Administrator of the Agency for International
Development, by a court of competent jurisdiction, or
by operation of law.
(B) Construction.--Nothing in this paragraph shall
be deemed to prohibit the discontinuance or
modification of any proceeding described in
subparagraph (A) under the same terms and conditions
and to the same extent that such proceeding could have
been discontinued or modified if this section had not
been enacted.
(2) Regulations for transfer of proceedings.--The
Administrator of the Agency for International Development may
issue regulations providing for the orderly transfer of
proceedings continued under paragraph (1).
(c) Actions.--Except as provided in subsection (e)--
(1) the provisions of this section shall not affect suits
commenced before the effective date of the repeal made by
section 302(d); and
(2) in all such suits, proceedings shall be had, appeals
taken, and judgments rendered in the same manner and effect as
if this section had not been enacted.
(d) Liabilities Incurred.--No suit, action, or other proceeding
commenced by or against an individual in the official capacity of such
individual as an officer of the Overseas Private Investment Corporation
shall abate by reason of the enactment of this section. No cause of
action by or against the Overseas Private Investment Corporation, or by
or against any officer thereof in the official capacity of such
officer, shall abate by reason of the enactment of this section.
(e) Parties.--If, before the effective date of the repeal made by
section 302(d), the Overseas Private Investment Corporation or an
officer thereof in the official capacity of such officer, is a party to
a suit, then such suit shall be continued with the Administrator of the
Agency for International Development substituted or added as a party.
(f) Review.--Orders and actions of the Administrator of the Agency
for International Development in the exercise of functions of the
Overseas Private Investment Corporation shall be subject to judicial
review to the same extent and in the same manner as if such orders and
actions had been issued or taken by the Overseas Private Investment
Corporation. Any statutory requirements relating to notice, hearings,
action upon the record, or administrative review that apply to any
function of the Overseas Private Investment Corporation shall apply to
the exercise of such function by the Administrator of the Agency for
International Development.
SEC. 304. TECHNICAL AND CONFORMING AMENDMENTS.
(a) Title 5, United States Code.--(1) Section 5314 of title 5,
United States Code, is amended by striking:
``President, Overseas Private Investment Corporation.''.
(2) Section 5315 of title 5, United States Code, is amended by
striking:
``Executive Vice President, Overseas Private Investment
Corporation.''.
(3) Section 5316 of title 5, United States Code, is amended by
striking:
``Vice Presidents, Overseas Private Investment Corporation
(3).''.
(b) Other Amendments and Repeals.--(1) Section 222(a) of the
Foreign Assistance Act of 1961 (22 U.S.C. 2182) is amended by inserting
after ``section 238(c)'' the following: ``as in effect on the day
before the effective date of the repeal of that section made by section
302(d) of the OPIC Repeal Act''.
(2) Section 222A of the Foreign Assistance Act of 1961 (22 U.S.C.
2182a) is amended--
(A) by striking subsections (f) and (g); and
(B) by redesignating subsections (h) and (i) as subsections
(f) and (g), respectively.
(3) Section 499B(b) of the Foreign Assistance Act of 1961 (22
U.S.C. 2296b(b)) is amended--
(A) by striking paragraph (2); and
(B) by redesignating paragraph (3) as paragraph (2).
(4) Section 2301(b)(9) of the Export Enhancement Act of 1988 (15
U.S.C. 4721(b)(9)) is amended by striking ``the Overseas Private
Investment Corporation,''.
(5) Section 2312(d)(1) of the Export Enhancement Act of 1988 (15
U.S.C. 4727(d)(1)) is amended--
(A) by striking subparagraph (K); and
(B) by redesignating subparagraphs (L) and (M) as
subparagraphs (K) and (L), respectively.
(6) Section 5402(b) of the Omnibus Trade and Competitiveness Act of
1988 (15 U.S.C. 4902(b)) is amended--
(A) in paragraph (12), by adding ``and'' after the
semicolon;
(B) by striking paragraph (13); and
(C) by redesignating paragraph (14) as paragraph (13).
(7) Section 625(a) of the Higher Education Act of 1965 (20 U.S.C.
1131c(a)) is amended by striking ``the Overseas Private Investment
Corporation,''.
(8) Section 481(e)(4)(A) of the Foreign Assistance Act of 1961 (22
U.S.C. 2291(e)(4)(A)) is amended by striking ``(including programs
under title IV of chapter 2, relating to the Overseas Private
Investment Corporation)''.
(9) Section 202(b)(2)(B) of the Cuban Liberty and Democratic
Solidarity (LIBERTAD) Act of 1996 (22 U.S.C. 6062(b)(2)(B)) is
amended--
(A) by striking clause (iv); and
(B) by redesignating clauses (v), (vi), and (vii) as
clauses (iv), (v), and (vi), respectively.
(10) Section 103(7)(A) of the Victims of Trafficking and Violence
Protection Act of 2000 (22 U.S.C. 7102(7)(A)) is amended--
(A) in clause (vii), by adding ``and'' after the semicolon;
(B) by striking clause (viii); and
(C) by redesignating clause (ix) as clause (viii).
(11) Section 405(a)(10) of the International Religious Freedom Act
of 1998 (22 U.S.C. 6445(a)(10)) is amended by striking ``, the Overseas
Private Investment Corporation,''.
(12) Section 732(b) of the Global Environmental Protection
Assistance Act of 1989 (22 U.S.C. 7902(b)) is amended by striking ``the
Overseas Private Investment Corporation,''.
(13) Section 916(a)(2) of the Energy Independence and Security Act
of 2007 (42 U.S.C. 17336(a)(2)) is amended--
(A) by striking subparagraph (I); and
(B) by redesignating subparagraphs (J) through (M) as
subparagraphs (I) through (L), respectively.
(14) Section 6(d)(1) of the Belarus Democracy Act of 2004 (22
U.S.C. 5811 note) is amended by striking ``and the Overseas Private
Investment Corporation''.
(15) The following provisions of law are repealed:
(A) Section 5(b)(2) of the Overseas Private Investment
Corporation Amendments Act of 1981 (22 U.S.C. 2194a).
(B) Section 5 of the Taiwan Relations Act (22 U.S.C. 3304).
(C) Section 2(c)(12) of the Support for East European
Democracy (SEED) Act of 1989 (22 U.S.C. 5401(c)(12)).
(D) Section 9101(3)(H) of title 31, United States Code.
(E) Section 123 of the African Growth and Opportunity Act
(19 U.S.C. 3733), and the item relating to that section in the
table of contents of that Act.
(F) Section 104 of the Africa: Seeds of Hope Act of 1998
(22 U.S.C. 2293), and the item relating to that section in the
table of contents for that Act.
(G) Section 914 of the Energy Independence and Security Act
of 2007 (42 U.S.C. 17334), and the item relating to that
section in the table of contents for that Act.
(c) Effective Date.--The amendments and repeals made by this
subsection shall take effect on October 1, 2011.
<all>
Introduced in House
Introduced in House
Referred to House Ways and Means
Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Financial Services
Referred to House Foreign Affairs
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line