GovTrack’s Bill Summary
We don’t have a summary available yet.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Long-Term Savings Restoration Act - Amends the Second Liberty Bond Act to authorize the Secretary of the Treasury to issue constant dollar debt obligations, the proceeds of which shall be available to meet any public expenditures authorized by law and to retire any outstanding obligations of the United States. Sets forth the formula for determining the constant dollar equivalent of the issue price of an obligation on any date. Declares that the interest on any constant dollar debt obligation for any calendar quarter shall be payable on the constant dollar equivalent of the issue price of the obligation as of the last day of such quarter. Limits the face amount of obligations issued under this Act which are outstanding at any one time. Authorizes any depository institution to issue constant dollar savings certificates. Sets forth the formula for determining the constant dollar equivalent of the original principal amount of the certificate on any date. Permits any money market mutual fund to purchase constant dollar debt obligations issued under the Second Liberty Bond Act, except that such obligations shall not comprise more than 25 percent of the investment portfolio of such money market mutual fund. Amends the Internal Revenue Code to require an upward adjustment to the basis of constant dollar debt obligations for purposes of determining the tax on gains from the disposition of such obligations.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.