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To provide further means of accountability of the United States debt and promote fiscal responsibility.

USA115th CongressHR-523| House 
| Updated: 1/13/2017
Kenny Marchant

Kenny Marchant

Republican Representative

Texas

Cosponsors (10)
Lamar Smith (Republican)David Schweikert (Republican)Sam Johnson (Republican)Patrick Meehan (Republican)Mike Kelly (Republican)Tom Rice (Republican)Patrick J. Tiberi (Republican)Jeb Hensarling (Republican)George Holding (Republican)Ralph Norman (Republican)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Debt Transparency and Accountability Act This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which Treasury anticipates the public debt will reach the statutory limit. The Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to submit a debt report including: (1) historic, current, and projected levels of debt; (2) the drivers and composition of future debt; and (3) how the United States will meet debt obligations if the debt limit is raised. The Secretary must also provide a detailed explanation of: proposals to reduce the debt and a progress report on implementing them; the impact an increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency; projections of the fiscal health and sustainability of major entitlement programs; any extraordinary measures Treasury intends to take to fund federal government obligations if the debt limit is not raised and projections of the administrative cost and duration of the measures. Treasury must make specified information required by this bill available to the public on its website. Upon request, Treasury must submit to Congress specified financial and economic data relevant to determining the amount of the public debt.
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Timeline
Jan 13, 2017
Introduced in House
Jan 13, 2017
Referred to the House Committee on Ways and Means.
  • January 13, 2017
    Introduced in House


  • January 13, 2017
    Referred to the House Committee on Ways and Means.

Economics and Public Finance

Budget deficits and national debtCongressional oversightFinancial services and investmentsGovernment employee pay, benefits, personnel managementGovernment information and archivesInternational monetary system and foreign exchangeMedicaidMedicareSecuritiesSocial security and elderly assistance

To provide further means of accountability of the United States debt and promote fiscal responsibility.

USA115th CongressHR-523| House 
| Updated: 1/13/2017
Debt Transparency and Accountability Act This bill requires the Secretary of the Treasury to provide a report to Congress prior to any date on which Treasury anticipates the public debt will reach the statutory limit. The Secretary must appear before the House Ways and Means Committee and the Senate Finance Committee to submit a debt report including: (1) historic, current, and projected levels of debt; (2) the drivers and composition of future debt; and (3) how the United States will meet debt obligations if the debt limit is raised. The Secretary must also provide a detailed explanation of: proposals to reduce the debt and a progress report on implementing them; the impact an increased debt limit will have on future government spending, debt service, and the position of the U.S. dollar as the international reserve currency; projections of the fiscal health and sustainability of major entitlement programs; any extraordinary measures Treasury intends to take to fund federal government obligations if the debt limit is not raised and projections of the administrative cost and duration of the measures. Treasury must make specified information required by this bill available to the public on its website. Upon request, Treasury must submit to Congress specified financial and economic data relevant to determining the amount of the public debt.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jan 13, 2017
Introduced in House
Jan 13, 2017
Referred to the House Committee on Ways and Means.
  • January 13, 2017
    Introduced in House


  • January 13, 2017
    Referred to the House Committee on Ways and Means.
Kenny Marchant

Kenny Marchant

Republican Representative

Texas

Cosponsors (10)
Lamar Smith (Republican)David Schweikert (Republican)Sam Johnson (Republican)Patrick Meehan (Republican)Mike Kelly (Republican)Tom Rice (Republican)Patrick J. Tiberi (Republican)Jeb Hensarling (Republican)George Holding (Republican)Ralph Norman (Republican)

Ways and Means Committee

Economics and Public Finance

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Budget deficits and national debtCongressional oversightFinancial services and investmentsGovernment employee pay, benefits, personnel managementGovernment information and archivesInternational monetary system and foreign exchangeMedicaidMedicareSecuritiesSocial security and elderly assistance