Extraordinary Measures Transparency Act This bill requires the Department of the Treasury to report to Congress regarding extraordinary measures used to avoid exceeding the statutory debt limit. Extraordinary measures include suspensions and delays of debt sales and auctions, suspending or redeeming investments in certain government funds, and issuing debt to enter into an exchange transaction for debt that is subject to the limit. 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.
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Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Economics and Public Finance
Budget deficits and national debtCongressional oversightGovernment employee pay, benefits, personnel managementGovernment trust fundsHealth care costs and insuranceSecuritiesU.S. Postal Service
To require the Secretary of the Treasury to issue reports with respect to extraordinary measures, and for other purposes.
USA115th CongressHR-3498| House
| Updated: 7/27/2017
Extraordinary Measures Transparency Act This bill requires the Department of the Treasury to report to Congress regarding extraordinary measures used to avoid exceeding the statutory debt limit. Extraordinary measures include suspensions and delays of debt sales and auctions, suspending or redeeming investments in certain government funds, and issuing debt to enter into an exchange transaction for debt that is subject to the limit. 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.
Budget deficits and national debtCongressional oversightGovernment employee pay, benefits, personnel managementGovernment trust fundsHealth care costs and insuranceSecuritiesU.S. Postal Service