H.R. 4842 (97th): Long-Term Savings Restoration Act

Introduced:
Oct 27, 1981 (97th Congress, 1981–1982)
Sponsor:
Rep. James Coyne III [R-PA8]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on October 27, 1981, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 27, 1981
Cosponsors
24 cosponsors (20R, 4D) (show)
Committees

House Financial Services

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to authorize the United States Government to issue constant dollar debt obligations and to authorize depository institutions to issue constant dollar savings certificates.

Summary

No summaries available.

Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

10/27/1981--Introduced.
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

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No summary available.

House Democratic Caucus Summary

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