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Extraordinary Measures Transparency Act

USA119th CongressHR-737| House 
| Updated: 1/24/2025
Zachary Nunn

Zachary Nunn

Republican Representative

Iowa

Cosponsors (1)
Donald G. Davis (Democratic)

Ways and Means Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
The "Extraordinary Measures Transparency Act" mandates that the Secretary of the Treasury provide Congress with detailed reports regarding the use of extraordinary measures to prevent the federal government from exceeding the statutory debt limit. Specifically, the Secretary must issue a report 30 days before the public debt is projected to reach the debt limit, outlining the intended measures, their estimated costs, and how long they are expected to fund the Federal Government. During any period when these measures are actively being used, the Secretary is required to submit a daily report to Congress, listing the specific actions taken, including money transferred and from which accounts. Upon the conclusion of a period during which extraordinary measures were employed, the Secretary must provide a final report summarizing all measures used and their associated administrative costs . These administrative costs encompass personnel, consultant fees, and other government expenses related to implementing the measures. Examples of such extraordinary measures include suspending investments in various government funds like the Government Securities Investment Fund or the Civil Service Retirement and Disability Fund, and suspending sales of State and Local Government Series Treasury securities, aiming to increase transparency around these critical financial actions.
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Timeline

Bill from Previous Congress

HR 118-3526
Extraordinary Measures Transparency Act
Jan 24, 2025
Introduced in House
Jan 24, 2025
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 118-3526
    Extraordinary Measures Transparency Act


  • January 24, 2025
    Introduced in House


  • January 24, 2025
    Referred to the House Committee on Ways and Means.

Economics and Public Finance

Budget deficits and national debtCongressional oversightDepartment of the TreasuryGovernment information and archives

Extraordinary Measures Transparency Act

USA119th CongressHR-737| House 
| Updated: 1/24/2025
The "Extraordinary Measures Transparency Act" mandates that the Secretary of the Treasury provide Congress with detailed reports regarding the use of extraordinary measures to prevent the federal government from exceeding the statutory debt limit. Specifically, the Secretary must issue a report 30 days before the public debt is projected to reach the debt limit, outlining the intended measures, their estimated costs, and how long they are expected to fund the Federal Government. During any period when these measures are actively being used, the Secretary is required to submit a daily report to Congress, listing the specific actions taken, including money transferred and from which accounts. Upon the conclusion of a period during which extraordinary measures were employed, the Secretary must provide a final report summarizing all measures used and their associated administrative costs . These administrative costs encompass personnel, consultant fees, and other government expenses related to implementing the measures. Examples of such extraordinary measures include suspending investments in various government funds like the Government Securities Investment Fund or the Civil Service Retirement and Disability Fund, and suspending sales of State and Local Government Series Treasury securities, aiming to increase transparency around these critical financial actions.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

HR 118-3526
Extraordinary Measures Transparency Act
Jan 24, 2025
Introduced in House
Jan 24, 2025
Referred to the House Committee on Ways and Means.
  • Bill from Previous Congress

    HR 118-3526
    Extraordinary Measures Transparency Act


  • January 24, 2025
    Introduced in House


  • January 24, 2025
    Referred to the House Committee on Ways and Means.
Zachary Nunn

Zachary Nunn

Republican Representative

Iowa

Cosponsors (1)
Donald G. Davis (Democratic)

Ways and Means Committee

Economics and Public Finance

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Budget deficits and national debtCongressional oversightDepartment of the TreasuryGovernment information and archives