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S. 19 (114th): Federal Debt Management Act of 2015

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The text of the bill below is as of Jan 6, 2015 (Introduced).

II

114th CONGRESS

1st Session

S. 19

IN THE SENATE OF THE UNITED STATES

January 6, 2015

introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs

A BILL

To appropriately manage the debt of the United States by limiting the use of extraordinary measures.

1.

Short title

This Act may be cited as the Federal Debt Management Act of 2015.

2.

Debt management

(a)

Civil Service Retirement and Disability Fund

Section 8348 of title 5, United States Code, is amended—

(1)

by striking subsections (j) and (k); and

(2)

in subsection (l)—

(A)

by striking (l)(1) The Secretary and all that follows through (2) Whenever and inserting (j) Whenever; and

(B)

by striking public debt limit and inserting limitation imposed by section 3101(b) of title 31.

(b)

Thrift Savings Fund

Section 8438 of title 5, United States Code, is amended—

(1)

by striking subsection (g); and

(2)

in subsection (h)—

(A)

by striking (h)(1) The Secretary and all that follows through (2) Whenever and inserting (g) Whenever; and

(B)

by striking public debt limit and inserting limitation imposed by section 3101(b) of title 31.

(c)

Stabilization fund

Section 5302(a)(1) of title 31, United States Code, is amended—

(1)

in the first sentence, by striking , and for investing in obligations of the United States Government those amounts in the fund the Secretary of the Treasury, with the approval of the President, decides are not required at the time to carry out this section; and

(2)

by inserting before the second sentence the following: The Secretary of the Treasury shall invest in obligations of the United States Government any amounts in the stabilization fund that the Secretary, with the approval of the President, decides are not required at the time to carry out this section..

(d)

Prohibition

The Secretary of the Treasury may not suspend the investing of amounts or the issuance of obligations for any fund or account for purposes of preventing the public debt of the United States from exceeding the limitation imposed by section 3101(b) of title 31, United States Code.

(e)

Savings provisions

(1)

Civil Service Retirement and Disability Fund

Notwithstanding the amendments made by subsection (a), paragraphs (2), (3), and (4) of subsection (j) and subsection (l)(1) of section 8348 of title 5, United States Code, as in effect on the day before the date of enactment of this Act, shall apply to any debt issuance suspension period (as defined under section 8348(j)(5) of such title) that is in effect on the date of enactment of this Act.

(2)

Thrift Savings Fund

Notwithstanding the amendments made by subsection (b), paragraphs (2), (3), and (4) of subsection (g) and subsection (h)(1) of section 8438 of title 5, United States Code, as in effect on the day before the date of enactment of this Act, shall apply to any debt issuance suspension period (as defined under section 8438(g)(6) of such title) that is in effect on the date of enactment of this Act.

3.

Information regarding Daily Treasury Statements

Not later than 24 hours after publishing a Daily Treasury Statement, or any successor thereto, the Secretary of the Treasury shall submit to the Committee on Finance of the Senate and the Committee on Ways and Means of the House of Representatives a report that—

(1)

provides all cash flow and debt transaction information used in preparing the Daily Treasury Statement; and

(2)

includes forecasts for the cash flow and debt transactions of the Federal Government.