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This bill would make the Treasury Department give Congress more regular and detailed updates when the federal government is getting close to the debt limit and has to use “extraordinary measures” to keep paying its bills. About 30 days before the debt limit is expected to be reached, Treasury would have to explain what steps it plans to take, how much those steps may cost, how long they might keep the government funded, and what the administrative costs could be. While those measures are being used, Treasury would also have to send daily reports showing which actions were taken and how much money was moved between accounts. After the period ends, Treasury would have to provide a final report summarizing the measures used and the total administrative costs. The goal is to make these emergency debt-limit actions more transparent to Congress.
- The bill requires a warning report to Congress when Treasury expects the debt limit to be reached within 30 days.
- That report must describe the expected extraordinary measures, estimate their cost, and project how long they would help fund the government.
- During any period when extraordinary measures are in use, Treasury must send Congress a daily report listing the actions taken and the amounts moved between accounts.
- After the period ends, Treasury must submit a final summary of the measures used and the related administrative costs.
Official Summaries
Extraordinary Measures Transparency Act
This bill requires the Department of the Treasury to report to Congress regarding extraordinary measures used to avoid exceeding the federal debt limit.
(The term extraordinary measures refers to a series of actions that Treasury may implement to allow the United States to borrow additional funds without exceeding the debt limit. The measures often include suspensions of debt sales and suspensions or redemptions of investments in certain government funds.)
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.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 737 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 737
To require the Secretary of the Treasury to issue reports with respect
to extraordinary measures, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 24, 2025
Mr. Nunn of Iowa (for himself and Mr. Davis of North Carolina)
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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