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S. 692 (113th): REFUND Act


The text of the bill below is as of Apr 10, 2013 (Introduced). The bill was not enacted into law.


II

113th CONGRESS

1st Session

S. 692

IN THE SENATE OF THE UNITED STATES

April 10, 2013

(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, andMr. Vitter) introduced the following bill; which was read twice and referred to theCommittee on Appropriations

A BILL

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

1.

Short title

This Act may be cited as the Returned Exclusively For Unpaid National Debt Act or the REFUND Act .

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There is rescinded, from any Federal funds required to be allocated by formula among all States that agree to use such funds for a specified purpose, an amount equal to the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 undersubsection (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 inparagraph (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 insubsection (c).

(c)

Determination of amount To be rescinded

An agency head that receives notice described insubsection (b)(2)shall determine and report to theOffice of Management and Budgetthe amount to be rescinded undersubsection (a).

(d)

Use for reduction of Federal debt

Amounts rescinded undersubsection (a)shall be deposited by theSecretary of the Treasuryin the special fund account “Gifts to Reduce Debt Held by the Public, Bureau of the Public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 insection 3113(d) of title 31, United States Code.

(e)

Annual report

TheSecretary of the Treasuryshall submit to theCongresseach year a report identifying the amount deposited in the Treasury undersubsection (d)with respect to each State in such year.

(f)

Definitions

In this section:

(1)

The termagency headmeans the head of a department or agency of the Federal Government.

(2)

The termStatemeans—

(A)

each of the several States;

(B)

the District of Columbia; or

(C)

any commonwealth, territory, or possession of the United States.