REFUND Act

Returned Exclusively For Unpaid National Debt Act or REFUND Act - Rescinds unwanted amounts, as identified by a state from a projected allocation, from any federal funds required to be allocated by formula among all states that agree to use them for a specified purpose.

Prescribes a procedure by which a state legislature may identify a projected federal allocation as unwanted funds.

Requires such rescinded amounts to: (1) be deposited by the Secretary of the Treasury in the special fund account entitled "Gifts to Reduce Debt Held by the Public, Bureau of the Public Debt, Treasury"; and (2) be used to reduce the federal debt.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 692 Introduced in Senate (IS)]

113th CONGRESS
  1st Session
                                 S. 692

 To rescind certain Federal funds identified by States as unwanted and 
               use the funds to reduce the Federal debt.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 10, 2013

  Mr. Rubio (for himself, Mr. Alexander, Mr. Barrasso, Mr. Blunt, Mr. 
Chambliss, Mr. Coats, Mr. Coburn, Mr. Cornyn, Mr. Enzi, Mr. Inhofe, Mr. 
  Isakson, Mr. Johanns, Mr. Johnson of Wisconsin, Mr. McConnell, Mr. 
 Paul, Mr. Risch, and Mr. Vitter) introduced the following bill; which 
     was read twice and referred to the Committee on Appropriations

_______________________________________________________________________

                                 A BILL


 
 To rescind certain Federal funds identified by States as unwanted and 
               use the funds to reduce the Federal debt.

    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 ``Returned Exclusively For Unpaid 
National Debt Act'' or the ``REFUND Act''.

SEC. 2. USE OF UNWANTED FEDERAL FUNDS TO REDUCE FEDERAL DEBT.

    (a) Rescission of Unwanted Federal Funds.--There is rescinded, from 
any Federal funds required to be allocated by formula among all States 
that agree to use such funds for a specified purpose, an amount equal 
to the amount of such funds that would have otherwise been allocated to 
a State that identifies such funds under subsection (b) as unwanted.
    (b) Identification of Funds.--Subsection (a) shall only apply if, 
not later than the last date on which an application or State plan must 
be submitted in order for a State to be allocated, in an annual or 
biennial budget cycle, funds described in such subsection--
            (1) the State legislature with jurisdiction over such 
        budget cycle adopts a concurrent resolution identifying the 
        funds as unwanted; and
            (2) the State submits notice of the resolution described in 
        paragraph (1) to the agency head responsible for allocation of 
        the funds, in such form and manner and containing such 
        information as the agency head determines appropriate to make 
        the determination in subsection (c).
    (c) Determination of Amount To Be Rescinded.--An agency head that 
receives notice described in subsection (b)(2) shall determine and 
report to the Office of Management and Budget the amount to be 
rescinded under subsection (a).
    (d) Use for Reduction of Federal Debt.--Amounts rescinded under 
subsection (a) shall be deposited by the Secretary of the Treasury in 
the special fund account ``Gifts to Reduce Debt Held by the Public, 
Bureau of the Public Debt, Treasury'' and used to reduce the Federal 
debt as provided in section 3113(d) of title 31, United States Code.
    (e) Annual Report.--The Secretary of the Treasury shall submit to 
the Congress each year a report identifying the amount deposited in the 
Treasury under subsection (d) with respect to each State in such year.
    (f) Definitions.--In this section:
            (1) The term ``agency head'' means the head of a department 
        or agency of the Federal Government.
            (2) The term ``State'' means--
                    (A) each of the several States;
                    (B) the District of Columbia; or
                    (C) any commonwealth, territory, or possession of 
                the United States.
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