Extraordinary Measures Transparency Act

Extraordinary Measures Transparency Act

This bill requires the Department of the Treasury to report to Congress regarding extraordinary measures used to avoid exceeding the statutory debt limit.

Extraordinary measures include suspensions and delays of debt sales and auctions, suspending or redeeming investments in certain government funds, and issuing debt to enter into an exchange transaction for debt that is subject to the limit.

If Treasury determines that the public debt will reach the limit in 30 days, Treasury must submit a report to Congress that includes:

• a description of the extraordinary measures that Treasury intends to use if the debt limit is not raised,
• an estimate of the cost of the measures,
• a projection of how long the measures will fund the federal government, and
• a projection of the administrative cost of taking the measures.

Treasury must also submit specified daily reports to Congress when the measures are being used. After using the measures, Treasury must report to Congress regarding the measures that were used and the administrative cost of the measures.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3498 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3498

To require the Secretary of the Treasury to issue reports with respect 
           to extraordinary measures, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 27, 2017

  Mr. Messer 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 reports with respect 
           to extraordinary measures, 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 ``Extraordinary Measures Transparency 
Act''.

SEC. 2. REPORTS ON EXTRAORDINARY MEASURES.

    (a) In General.--Subchapter II of chapter 31 of title 31, United 
States Code, is amended by adding at the end the following:
``Sec. 3131. Reports on extraordinary measures
    ``(a) Report 30 Days Before Reaching Debt Limit.--If the Secretary 
of the Treasury determines that the public debt will reach the debt 
limit in 30 days, the Secretary shall issue a report to the Congress 
that contains--
            ``(1) a description of the extraordinary measures that the 
        Secretary intends to use if the debt limit is not raised;
            ``(2) an estimate of the cost of such extraordinary 
        measures;
            ``(3) a projection of how long such extraordinary measures 
        will fund the Federal Government; and
            ``(4) a projection of the administrative cost of taking 
        such extraordinary measures.
    ``(b) Daily Report While Using Extraordinary Measures.--The 
Secretary shall, during any period in which the Secretary is using 
extraordinary measures, issue a daily report to the Congress that 
contains a list of which extraordinary measures were taken, including a 
list of how much money was transferred and from which accounts the 
money was transferred.
    ``(c) Report After Using Extraordinary Measures.--At the end of a 
period in which the Secretary was using extraordinary measures, the 
Secretary shall issue a report to the Congress that contains--
            ``(1) a summary of the extraordinary measures used; and
            ``(2) the administrative cost of taking such extraordinary 
        measures.
    ``(d) Definitions.--For purposes of this section:
            ``(1) Administrative cost.--With respect to extraordinary 
        measures, the term `administrative cost' means--
                    ``(A) the personnel and consultant costs required 
                to engage in the extraordinary measures;
                    ``(B) any fees the Government has to pay in 
                connection with the extraordinary measures; and
                    ``(C) such other costs as the Secretary determines 
                appropriate.
            ``(2) Debt limit.--The term `debt limit' means the limit 
        specified under section 3101, as modified by section 3101A.
            ``(3) Extraordinary measures.--The term `extraordinary 
        measures' means--
                    ``(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 chapter;
                    ``(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;
                    ``(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) suspending sales of State and Local 
                Government Series Treasury securities; and
                    ``(G) such other measures as the Secretary 
                determines appropriate.
            ``(4) Secretary.--The term `Secretary' means the Secretary 
        of the Treasury.''.
    (b) Clerical Amendment.--The table of analysis for chapter 31 of 
title 31, United States Code, is amended by inserting after the item 
relating to section 3130 the following:

``3131. Reports on extraordinary measures.''.
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